It’s an amazing opportunity for entrepreneurs to get started on a life in Cyprus, and I will be doing this in the near future. Coming over at the end of April to start viewing properties and get familiar with the place before making the leap to living there next year. Thank you for all the information on your channel, Rico 👍
Thanks for your comment! I agree 100%. Happy that I can motivate and help other entrepreneurs to this big, but very amazing step! All the best to you.😊
Hi Rico, thank you for the very informative video, once more. I'm coming to Cyprus next week and I will spend few days in Larnaca first but I'll be so happy if you will find the time to meet up once I'll be in Paphos. I've got few ideas that I'd like to discuss with you, I think you might like them 😉. Please let me know how I can contact you and if you're up for a meeting/coffee together. Keep it up with your great work! ☮️
I am more curious about crypto taxation rules, in two years will be bull run top, and these Non Dom residents will have profits. And big question will be, Cyprus will take some small taxes, or zero, and many will stay residents here, and will spend money here. Or we will see some people moving out, as residents.
Good question, I'm waiting for official announcements too, but even after so much time, nothing yet. Dubai is one of the few countries at the moment that has somewhat clear regulations and taxations on Crypto.
@@Rico"trading" is interesting, but I think the real question is about Holders, people that bought crypto years ago as investment and now they want to cash out a portion and they do not want to be "traders" they just want to sell part of their crypto in a country that consider that capital gains 0% :), like German or Portugal, Cyprus looks like a bad and complex option for Holders...
Thanks for the forecast! 📊 I wanted to ask something unrelated: 🤔 I have a set of words 🤷♂️. (behave today finger ski upon boy assault summer exhaust beauty stereo over). Can someone explain what this is? 😅
Im spanish, and arrived Malta in june 2024, rented a house in Malta since 30th June 2024, to 3 July 2025, and im working ald living here in Malta, for spanish clients online. Then, if i go for example to Hungary 3th July 2025, till 3th july 2028: I will pay income taxes in Malta 2024 and 2025 ( at 15.000€ / 15%) , and income taxes in Hungray 2026, 2027 and 2028? Is this right? someone can confirm me, thanks so much
Thanks for the forecast! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (behave today finger ski upon boy assault summer exhaust beauty stereo over). What's the best way to send them to Binance?
Hello My friend Rico, how are you? I hope you are doing well, next month I'm going to the Cyprus 🇨🇾 Limassol, can you tell me, is it possible to find HALAL FOOD and MOSQUE from Limassol? The reason why I'm asking this question is I'm Muslim. THANKS AND REGARDS 😊
@@velourialamour Oh really? I didn't know, but I just googled. You're right, thanks for letting me know, so I have to put away some things from the garden, haha!
So one of the condition is either to buy or rent a property, so the rent for let's say 3 months a year is ok for a non dom or do you need to rent the whole year even though you stay 2 to 3 months?
I have the same question. I intend to reside in Cyprus for over 183 days, say 6 or 7 months but I do not want to pay for a 12 month rental I would not use. The application form MEU1 says you need a certified rental contract and a utility bill in your name.
I'm glad you talk about these kind of topics, and I'm agree that Cyprus is an attractive place for investors, but I think you got that dividend taxation wrong. If you have US stocks (E.g. Apple, Microsoft) then 15% is automatically deducted from the dividends on the USA side no matter what. This is not Cyprus tax, but personally I don't care who which country takes away my money, I only care about the total tax paid regardless the country. Plus the 2.65% to GESY makes the total tax on dividends 17.65%. This is actually worse then multiple other EU countries, such as Bulgaria (10%) and Romania (10%) as well as Slovakia (15%) and Czechia (15%). Not having to pay CGT is nice, but one can achieve it in many other countries, although at most places there a minimum holding period (2-5 years), and if you realize your gains earlier you'll need to pay the CGT. So Cyprus is certainly better in this.
Hey, thanks for your comment! Depends on the exact stock of course, I own DAX listed dividend stock that generate yield and all the income is tax-free for me. If the US withholds a certain percentage on US stocks, then this has nothing to do with the taxation in Cyprus, it's US matter. And I agree, regardless, Cyprus taxation is amazing for EU standards in any way. CGT is not quite the same as dividends by the way, CGT occur when selling stocks for a profit, this is taxfree anyway in Cyprus. Dividend tax occur when receiving, well, dividends from profits of a company, as we're talking about right now.
@@Rico Yeah, it is both Cyprus and US matter since it's depends on the double taxation treaty between the USA and Cyprus. In the treaty there is 15% dividend tax. Similarly if it's a German stock, then it depends on the DTT between Germany + Cyprus, but I'm not familar with that.
@@zeroflaghu In that treaty, there is a clause that states a range from 5% - 15% dividend tax. I quote: "(5) 5% if received by a company controlling at least 10% of the voting power. 15% in all other cases." This is why I don't like to talk specifics, because there are always so many individual cases and little micro details.
I am living there. The best way for me is not via etfs, stocks...that do distribution if not instead in accumulation ones, and doing my own distributions via cap. Gains with no witholding tax on dividends.
In the UK for example UK you could become tax resident by working there for more than 45 or even 25 days. If you spend 60 days in Cyprus could you also be tax resident in Cyprus. Spending about 100 days in the UK.
Great video. I want to set up a company, but If I only intend to live in Cyprus for the required 60 days a year, can I only pay rent during my stay? Or do I have to be paying rent even when I’m not in the country?
Interesting video. I am retired. Do I have to pay taxes on RUclips and my music catalog income paid by my distributor when these incomes are based on streaming music on old recordings if I move to Cyprus? I don't have a company since there is no new activity.
All kinds of dividends are tax free, so technically yes, but there are some important notes to consider. I made a video called "How to legally live tax free in Cyprus" and I recommend watching it.
My brain isn’t working. So you have to be there for at least 60 days. But what is the maximum number of days you’re allowed to be there to still benefit non dom status?
@@Rico Hey Rico, I am a dual USA- EU citizen (different EU country, not Cyprus) and can legally stay in Cyprus. If I wish to stay in Cyprus past the 60 days , am I AUTOMATICALLY declared a Cyprus tax resident because I read that you cannot be a tax resident for Cyprus if you are currently a tax resident of another state (USA), implying country, which I am at the moment. Most money I make is from day trading.
@@stephenpavlidis1834 Hey Stephen, if you apply for the Non dom status in Cyprus, you need to stay minimum 60 days (it can even be all year) in Cyprus and no longer than 183 day in any other country per year and then you are eligible for the benefits. You are a Non domiciled person in Cyprus, a tax resident, but not a citizen. You can have as many residencies as you want.
Once again, good info Rico. I’m a son of a Greek Cypriot and as such, I’m looking at obtaining a residence permit followed by Cypriot citizenship. Not sure how long all that takes. As an American paying my fair share of taxes on investments, I should would like to find some loopholes in Cyprus. Hope to be in Cyprus in the next 3-6 months BTW, did you produce the amazing drone video? Cheers Rico!
Hi Andrew! Thank you. How many years have you spent in Cyprus the past 20 years? And do you currently hold any EU passport, perhaps? This could make things faster. Yes, every single scene in my videos is always captured by me, also the drone footages. :) Thanks for noticing! Have a lovely week!
Rico, actually none. Been living in the USA most of the time. Visited Cyprus multiple times to see my ailing parents. No European passport but an old British one which has expired. I have an old Cypriot resident ID and apparently I was told I can have it renewed. Thanks
Hi, nice video! I was wondering something. If you became Cypriot by the naturalization process for the passport, will the 17 years of non dom go away then? Or will it stay for 17 years no matter what if you get the Cypriot passport or not?
Good question. I actually asked it multiple experts before as well and got different opinions. Ultimately, I'm pretty sure the naturalization process will not affect the Non dom in any way. The tax department and Civil registry act in their own domain. So if you'd become a citizen within the 17 years of being a Non domiciled person in Cyprus, most likely, your Non dom will remain, but, you'll not able to renew it afterwards, of course.
Hello Friend! Thanks for the video. It is very useful! Tell me, please, some recommendations of law offices and accounting offices with which you have worked and which are very good professionally. thank you!
Hey Rico, thanks for the video. My husband and I have decided to switch our nomad visa from Spain to Cyprus. I think Cyprus, hands down, offers a much better tax regime. Can you recommend a DIY resource for obtaining the visa? Can one come and get the tax residency as an individual and then switch to the company later?
Hello Diana, many people transition from Portugal to Cyprus right now, interesting. Cyprus' tax regime is super straight forward. To me, the best in the EU. Anyway, yes, the immigration and MEU1 registration (yellow slip) as an individual can be undertaken solo, but for the company formation, you need a lawyer to sign the memorandum and articles of association and also some other processes.
Great video Rico. Thanks :) Can a company which sell online product (courses) can invest the money that she makes in crypto (exemple 50 %) ? I saw in another video that you advice to create a company to invest in crypto and pay in dividend. or is it better to have 2 different companies?
I appreciate your videos! Good work and thank you for the help. Is it compulsory to take some salary? Why not take only dividends and $0 salary? Is this not allowed?
Hi, Non dom individuals are exempt of dividend taxes. No matter who you are or where you are from. However, there may be withholding tax as an US citizen.
I can’t spend more then 183 days in another country. Does that mean i can spend 180 days in a country, fly to cyprus for a few days and go back and then start from 0 days again in the other country? Or is it 183 days in total?
If the US LLC has no corp tax, yes. There are like 5 states in the US that make this possible. Actually, US LLC's are my favorable option for this scheme.
Thanks a lot for your videos! They are unique in this specific topic! I do have some questions, as I wish to move to Cyprus and start my own company too: - Is health insurance obligatory as a Belgian living in Cyprus? - Is a company required to register an employee? In that case, I would employ myself as an employee with a salary of € 1625 monthly, to earn € 19 500 yearly and thereby avoiding personal income tax, but it seems that health insurance is still obligatory? - Could you please recommend anyone who I can contact from Belgium, before actually making a move to Cyprus? Thank you in advance!
Hey there! Thank you for the kind comment. Glad to hear that! - Yes, health insurance is mandatory for everyone that wants to obtain the Cyprus residency. But a super standard insurance is enough. I saw some of them for as cheap as 250€ for a year. - Yes, I do the exact same. I'm employer and employee of my own company. You need a company for that. The only alternative option is to do a sole proprietorship, but this only makes sense for very small businesses with less than 19.500€ profit a year. My monthly salary is lower than what you intend to pay out, even though you'll still be below the personal income threshold, you'll pay a lot on social insurance. You can cut the monthly salary in half and pay out a bigger dividend from time to time, without social insurance on it. Only NHS. - I do know a few people from Belgium. But for professional reasons I can't just name them here, of course. Also, Belgium is very similar to Germany. Feel free to email me, and I'll see how I can help you further.
Wait, I think I got confused here. You're not asking for a Belgian person that moved to Cyprus, but for someone that you can ask questions before you actually move to Cyprus, right? Haha, in that case, yes, I can surely make a friendly introduction to my accountant. Talk soon!
@@Ricohey Rico! I know this is a bit old but it would be really helpful if you could reply! To make it clear, is it possible to not have any employees and only pay yourself dividends? Also you mentioned you can get a pretty standard health insurance of 250 per month. Does that mean you can avoid the 2.65% nhs on dividends and get a cheap private insurance? I'm Greek and pay 150 per month for insurance so 2.65% seems a lot haha
Rico is spending some money in Cyprus (every month about 3000 euros): * 1000 euros in rent this money collected by the Landlord/Owner of the apartment and he will spend that money paying taxes. * 700 euros in restaurants and these restaurants are paying taxes and providers that will pay taxes as well. * 400 euros in supermarkets and yes the same that before provides blah blah... * 100 Utility bills and these companies guess what... yeah they pay taxes as well. * Rico as well is paying road tax, taxes when he fills up his car with gasoline, and he is an asset for the Country working to attract more people to come to Cyprus and have all those expenses as well. * and VAT in all the expenses (that is a Tax). * and there are accountants and other professionals in Cyprus that are being paid by Rico or by Rico's clients and they will pay another people with that money and ... taxes! Meanwhile in German... yeah they have less taxes from Rico but they can raise even more the taxes to another Germans to compensate it XD.
Maybe that's how it actually should be? I'm currently in Spain, and I can definitely see where that hard-earned taxpayer money goes - to the beurocratic offices and jobs that shouldn't exist.
@@DianaLuckysova You should check out bureaucracy in Georgie (GE) by the black sea. It's a miracle. I went to open a bank account, done in 10 minutes. I went to register as a freelancer, done in 10 minutes. They basically dumped the old system and made modern stuff from scratch. You'll still want tax consultants to help you just in case, but it's just wonderful.
I dont get it, if you are non dom in Cyprus you are then still domicile in your country of origin and then have to pay taxes there so what's the benefit ?
Being a Non-Dom in Cyprus means that you are not domiciled in Cyprus for tax purposes, that's correct, but it does not necessarily mean that you are domiciled in your country of origin. Your domicile is determined by a combination of multiple factors. I don't pay taxes in Germany, only Cyprus, because I am a tax resident here.
@@Rico I think that it is not possible to be domiciled nowhere so if your not domiciled in Cyprus neither in Germany are you domiciled in another country ? I wish what you say is true because I'm trying to find a good country to expat myself and my business but I think your solution is kinda illegal...like Germany could come and ask you for unpaid taxes ?
@@aryenfr8473 Domicile is a complex legal concept that can be influenced by many factors, including country of birth, citizenship, residence, and intention to remain permanently in a particular country. As a general rule, domicile is typically considered to be the country where you have your permanent home and where you have the strongest connections and ties. In my case, since I was born in Germany and am a German citizen, you might think Germany is my domicile by default. However, as I have moved to Cyprus under the non-dom regime and I demonstrate that I permanently moved here, my domicile may be actually considered to be Cyprus. However, it doesn't really matter as I fulfil the official requirements for being Non dom in Cyprus. I do have the official Non dom document from the Cyprus government that I am exempt from the SDC until 2037. No one, not Cyprus, and not Germany can come for unpaid dividend taxes, because I have no obligations to pay those taxes towards anyone.
@@Rico For Cyprus you are 100% legal with your non dom status but for Germany I wouldnt be that sure unfortunately if Germany claim that since you dont pay taxes in Cyprus you must pay taxes in Germany you will have 0 way to oppose that domicile since you are non domiciled in Cyprus it is like your domicile never changed...you still are domiciled in Germany in my opinion
@@aryenfr8473 I am paying taxes in Cyprus, I'm just exempt from the dividend tax here. And thus I use this for my advantage and pay myself a big dividend. Germany can't claim any taxes now, or in the future, for any taxes. I'm not a tax resident there. They probably want to implement something like this in the future, but for the time being, no. And in general, I have no intention of ever going back to Germany anyway.
Год назад
Is it true that you get this only if you don't intend to move there permanently?
Great video Rico! I'm a UK citizen and an active futures trader, evaluating a move to Cyprus. 2 video requests :) 1. Tax benefits for professional day traders moving to Cyprus. I believe Cyprus has special rules which doesn't tax short term gains of active day traders. 2. If one moves to Cyprus and applies for Citizenship by naturalization in 5 years, what is the likelihood of being granted citizenship, as long as one has met all the criteria? I'm told that southern Mediterranean countries (like Greece, Malta, Cyprus) are reluctant to issue citizenship by naturalization, even if one has met all the conditions. Is this true? Thanks for any feedback :)
Hey there! Thank you very much for your comment and interesting video requests. I noted them. For the 1st one, I don't know exactly where you read this, but, Cyprus is not the best place for active traders. When you're day trading (multiple trades a day), one can argue that the gains are not capital gains, but actual income. Especially when it's your main/only source of income. So be aware of this, I'll talk about it in future videos to make this clear! Thanks.
@@Rico Thanks Rico for getting back so quickly. :) I understand that Cyprus legislation provides that any gain on the disposal of "securities" is exempt from taxation (whether it be active income from day trading, or other short term/long term gains). Securities can include: shares, options, futures, debentures, etc. So most securities traded on a recognized exchange, would be included, and hence tax exempt. As this is quite unique in Europe, I understand there are quite a few active traders who move to Cyprus particularly for this reason. Do take a look at this whenever you get some time, and look forward to any further thoughts on this. I'm also trying to research my 2nd point in further detail: whether non-EU citizens living in Cyprus (on Permanent Resident status) have indeed been granted citizenship after 5 years there. As a Brit, losing my Freedom of Movement after Brexit has been a big bummer, so I'd really be keen to acquire another EU passport at the earliest. If you have any empirical evidence confirming that people do indeed get their Cypriot passports relatively quickly after applying, this would be a huge help! Cheers Rico.
@@FrozenSkyy For the first. You are basically right, stock daytrading may be tax free in most cases, however if you would get a manual audit, the auditor could say you are working as self-employed, and thus you need to pay social insurance on your trading gains. However, the chances of this going through are low, and if you're not making millions, even lower. Cryptos, Forex and Gold/Silver is definitely taxed. For your second question. First, 5 years is only for Europeans. For Non-Europeans you need to spend 7 full years in Cyprus, and then yes, you can apply for the citizenship. I don't have first-hand experiences yet, as I'm on the island for 4 years, and my first Non-EU clients started the process 2 years ago. But this will certainly work. I mean, not long ago we had the Citizenship by investment program where you'd get the passport immediately. I understand your situation after Brexit, have you looked into Citizenship by investment programs? If it doesn't necessarily need to be Cyprus, there are plenty of alternative options that will go faster, if you have the liquidity to pay for it.
@@Rico Thanks Rico for the detailed response - all so helpful :) 1. Will study the active trading tax situation in Cyprus further on the lines you've suggested. The other option I was thinking of was to trade through an offshore company (say a US LLC), and then pay out dividends to myself while living in Cyprus as a Non-dom. I'm guessing that should work? 2. The only other CBI program I'd consider would be Malta. But given that I want to live in Europe full-time anyway, was thinking it's easier to simply get a residence permit in an EU country which is tax optimized, and then work towards naturalizing as a EU citizen in that country in 5-7 years, rather than spending $1m in one shot for the Maltese passport in 18 months. Having a British passport gives decent travel already, so doesn't make sense to get one of the Caribbean programs.
@@FrozenSkyy Happy to hear that. Yes, trading through a company works as well. With a local CY Ltd. you'll pay the local Corp tax on profits and be safe, even Forex/Crypto trader do it this way. With an Offshore company, you'll pay the foreign Corp tax, if applicable. US LLC's might indeed be the best option, in some states you'll have no corp tax. Well, in that case, the CY Residency program will definitely be the better option for you without having to do 6 or 7 figure investments. Makes sense, agree. Caribbean programs might be more interesting to people that come from Third World countries, or just want to collect as many passports as possible.
It’s an amazing opportunity for entrepreneurs to get started on a life in Cyprus, and I will be doing this in the near future. Coming over at the end of April to start viewing properties and get familiar with the place before making the leap to living there next year. Thank you for all the information on your channel, Rico 👍
Thanks for your comment! I agree 100%. Happy that I can motivate and help other entrepreneurs to this big, but very amazing step! All the best to you.😊
I recommend you to Come to the Blanchers Meetup. For property do not use Pafilia.
What happens after the 17 years?
Hi Rico, thank you for the very informative video, once more. I'm coming to Cyprus next week and I will spend few days in Larnaca first but I'll be so happy if you will find the time to meet up once I'll be in Paphos. I've got few ideas that I'd like to discuss with you, I think you might like them 😉. Please let me know how I can contact you and if you're up for a meeting/coffee together. Keep it up with your great work! ☮️
Hi Ivo, thanks for your message. If you google my full name Ricardo Gorski, you can contact me via the website. Have a good flight to Cyprus!!🙂
I am more curious about crypto taxation rules, in two years will be bull run top, and these Non Dom residents will have profits. And big question will be, Cyprus will take some small taxes, or zero, and many will stay residents here, and will spend money here. Or we will see some people moving out, as residents.
Good question, I'm waiting for official announcements too, but even after so much time, nothing yet. Dubai is one of the few countries at the moment that has somewhat clear regulations and taxations on Crypto.
@@Ricoany new info about this? Even in German if you hold Bitcoin for more than 1 year you do not have to pay on Capital Gains Tax....
@@fructu7 No official statements yet, but I will upload a new video about trading taxation soon with some updates.
@@Rico"trading" is interesting, but I think the real question is about Holders, people that bought crypto years ago as investment and now they want to cash out a portion and they do not want to be "traders" they just want to sell part of their crypto in a country that consider that capital gains 0% :), like German or Portugal, Cyprus looks like a bad and complex option for Holders...
@@fructu7 do you have any info about this? I’m trying to find some but nothing is clear
Thanks for the forecast! 📊 I wanted to ask something unrelated: 🤔 I have a set of words 🤷♂️. (behave today finger ski upon boy assault summer exhaust beauty stereo over). Can someone explain what this is? 😅
Im spanish, and arrived Malta in june 2024, rented a house in Malta since 30th June 2024, to 3 July 2025, and im working ald living here in Malta, for spanish clients online.
Then, if i go for example to Hungary 3th July 2025, till 3th july 2028:
I will pay income taxes in Malta 2024 and 2025 ( at 15.000€ / 15%) , and income taxes in Hungray 2026, 2027 and 2028?
Is this right? someone can confirm me, thanks so much
Thanks for the forecast! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (behave today finger ski upon boy assault summer exhaust beauty stereo over). What's the best way to send them to Binance?
Hello My friend Rico, how are you? I hope you are doing well, next month I'm going to the Cyprus 🇨🇾 Limassol, can you tell me, is it possible to find HALAL FOOD and MOSQUE from Limassol? The reason why I'm asking this question is I'm Muslim.
THANKS AND REGARDS 😊
There is at least one in Limassol
Wow, this was an awesome video! Thanks for revealing this secret, Rico! We are going to look into this further 👀
Hey Velouria, hope you're doing well. Another reason to stay.🙂
@@Rico we extended our stay for yet another month! I know it’s going to rain tomorrow, but that just gives us time to get work and taxes done :p
@@velourialamour Oh really? I didn't know, but I just googled. You're right, thanks for letting me know, so I have to put away some things from the garden, haha!
@@Rico We’ve been at the beach everyday this past week, so we always pay attention to sunny days so we can get our tan on! 😎☀️🏝️
So one of the condition is either to buy or rent a property, so the rent for let's say 3 months a year is ok for a non dom or do you need to rent the whole year even though you stay 2 to 3 months?
I have the same question. I intend to reside in Cyprus for over 183 days, say 6 or 7 months but I do not want to pay for a 12 month rental I would not use. The application form MEU1 says you need a certified rental contract and a utility bill in your name.
How about pension income from Canada ?
I'm glad you talk about these kind of topics, and I'm agree that Cyprus is an attractive place for investors, but I think you got that dividend taxation wrong. If you have US stocks (E.g. Apple, Microsoft) then 15% is automatically deducted from the dividends on the USA side no matter what. This is not Cyprus tax, but personally I don't care who which country takes away my money, I only care about the total tax paid regardless the country. Plus the 2.65% to GESY makes the total tax on dividends 17.65%. This is actually worse then multiple other EU countries, such as Bulgaria (10%) and Romania (10%) as well as Slovakia (15%) and Czechia (15%). Not having to pay CGT is nice, but one can achieve it in many other countries, although at most places there a minimum holding period (2-5 years), and if you realize your gains earlier you'll need to pay the CGT. So Cyprus is certainly better in this.
Hey, thanks for your comment! Depends on the exact stock of course, I own DAX listed dividend stock that generate yield and all the income is tax-free for me. If the US withholds a certain percentage on US stocks, then this has nothing to do with the taxation in Cyprus, it's US matter.
And I agree, regardless, Cyprus taxation is amazing for EU standards in any way.
CGT is not quite the same as dividends by the way, CGT occur when selling stocks for a profit, this is taxfree anyway in Cyprus. Dividend tax occur when receiving, well, dividends from profits of a company, as we're talking about right now.
@@Rico Yeah, it is both Cyprus and US matter since it's depends on the double taxation treaty between the USA and Cyprus. In the treaty there is 15% dividend tax. Similarly if it's a German stock, then it depends on the DTT between Germany + Cyprus, but I'm not familar with that.
@@zeroflaghu In that treaty, there is a clause that states a range from 5% - 15% dividend tax.
I quote: "(5) 5% if received by a company controlling at least 10% of
the voting power. 15% in all other cases."
This is why I don't like to talk specifics, because there are always so many individual cases and little micro details.
I am living there. The best way for me is not via etfs, stocks...that do distribution if not instead in accumulation ones, and doing my own distributions via cap. Gains with no witholding tax on dividends.
@@Purnham Right. Actually, I do it with the MSCI World for example that is accumulating as well.
In the UK for example UK you could become tax resident by working there for more than 45 or even 25 days.
If you spend 60 days in Cyprus could you also be tax resident in Cyprus.
Spending about 100 days in the UK.
Nice video buddy, you're getting better and better every time! 🙂
Hey! Thanks so much Aaron, hope you're having a beautiful time!🙏
Great video. I want to set up a company, but If I only intend to live in Cyprus for the required 60 days a year, can I only pay rent during my stay? Or do I have to be paying rent even when I’m not in the country?
In order to be a Non dom, you need to have a long term rental contract. For that you need to pay rent all year of course.
Interesting video. I am retired. Do I have to pay taxes on RUclips and my music catalog income paid by my distributor when these incomes are based on streaming music on old recordings if I move to Cyprus? I don't have a company since there is no new activity.
How is the buying and selling of crypto taxed in cyprus? Also what about crypto staking?
how much taxes on day trading profits? or is it possible to create an llc and pay no taxes thru that?
His looks reminds me of the girl who make TikTok video Saying Coffeee Cacanut milk strawberry 🍓 🔪
Can Cyprus non-domicile natural person tax resident receive dividends from Seychelles Company tax free or not?
All kinds of dividends are tax free, so technically yes, but there are some important notes to consider. I made a video called "How to legally live tax free in Cyprus" and I recommend watching it.
@@Rico Thank you. I like your content.
My brain isn’t working. So you have to be there for at least 60 days. But what is the maximum number of days you’re allowed to be there to still benefit non dom status?
You can stay here all year around of course. It's just a minimum, there is no maximum days.
@@Rico Hey Rico, I am a dual USA- EU citizen (different EU country, not Cyprus) and can legally stay in Cyprus. If I wish to stay in Cyprus past the 60 days , am I AUTOMATICALLY declared a Cyprus tax resident because I read that you cannot be a tax resident for Cyprus if you are currently a tax resident of another state (USA), implying country, which I am at the moment. Most money I make is from day trading.
@@stephenpavlidis1834 Hey Stephen, if you apply for the Non dom status in Cyprus, you need to stay minimum 60 days (it can even be all year) in Cyprus and no longer than 183 day in any other country per year and then you are eligible for the benefits. You are a Non domiciled person in Cyprus, a tax resident, but not a citizen. You can have as many residencies as you want.
@@Rico thank you so much, you explained it nice and clear.
@@Rico hey there, but if you stay more than 183 days, won't you be consider a domicilied person, so won't benefit the NONDOM status?
Once again, good info Rico. I’m a son of a Greek Cypriot and as such, I’m looking at obtaining a residence permit followed by Cypriot citizenship. Not sure how long all that takes.
As an American paying my fair share of taxes on investments, I should would like to find some loopholes in Cyprus. Hope to be in Cyprus in the next 3-6 months
BTW, did you produce the amazing drone video?
Cheers Rico!
Hi Andrew! Thank you. How many years have you spent in Cyprus the past 20 years? And do you currently hold any EU passport, perhaps? This could make things faster.
Yes, every single scene in my videos is always captured by me, also the drone footages. :) Thanks for noticing!
Have a lovely week!
Rico, actually none. Been living in the USA most of the time. Visited Cyprus multiple times to see my ailing parents. No European passport but an old British one which has expired. I have an old Cypriot resident ID and apparently I was told I can have it renewed. Thanks
@@andrewslifestyle2289 If you're close to flying to Cyprus, let me know! Also, if you need any local assistance.🙂
You’re the best! Thanks Rico!
Very interesting. How are pensions treated?
Hi, nice video! I was wondering something. If you became Cypriot by the naturalization process for the passport, will the 17 years of non dom go away then? Or will it stay for 17 years no matter what if you get the Cypriot passport or not?
Good question. I actually asked it multiple experts before as well and got different opinions. Ultimately, I'm pretty sure the naturalization process will not affect the Non dom in any way. The tax department and Civil registry act in their own domain. So if you'd become a citizen within the 17 years of being a Non domiciled person in Cyprus, most likely, your Non dom will remain, but, you'll not able to renew it afterwards, of course.
@@Rico I agree. Non Dom is a Tax Status obtained and aimed to keep the international investors and entrepreneurs in Cyprus.
@@cyause Thanks for confirming.
hey. could you share rough take home value in this scheme for let's say 100k euro?
Hello Friend! Thanks for the video. It is very useful! Tell me, please, some recommendations of law offices and accounting offices with which you have worked and which are very good professionally. thank you!
Hey, contact me via mail please.
Hey Rico, thanks for the video. My husband and I have decided to switch our nomad visa from Spain to Cyprus. I think Cyprus, hands down, offers a much better tax regime. Can you recommend a DIY resource for obtaining the visa? Can one come and get the tax residency as an individual and then switch to the company later?
Hello Diana, many people transition from Portugal to Cyprus right now, interesting. Cyprus' tax regime is super straight forward. To me, the best in the EU. Anyway, yes, the immigration and MEU1 registration (yellow slip) as an individual can be undertaken solo, but for the company formation, you need a lawyer to sign the memorandum and articles of association and also some other processes.
How to get the tax exemption if I work as a contractor for US company without opening LTD in Cyprus? I will appreciate for some links.
You can reach out to me via my website Ricardogorski.com
I will be there 14 April tickets are booked look forward to that chat over a coffee
hi, are casinos in cyprus smoke free? especially the ones in limassol
Great video Rico. Thanks :) Can a company which sell online product (courses) can invest the money that she makes in crypto (exemple 50 %) ? I saw in another video that you advice to create a company to invest in crypto and pay in dividend. or is it better to have 2 different companies?
Hey, thanks! You can do all of this within the one company, sure.
I appreciate your videos! Good work and thank you for the help.
Is it compulsory to take some salary? Why not take only dividends and $0 salary? Is this not allowed?
Thank you very much. Short answer is: Salary is mandatory. This is for substance reasons and also for the accounting and social security.
hi,
as an american am I subject to taxes on the dividends paid out?
Hi, Non dom individuals are exempt of dividend taxes. No matter who you are or where you are from. However, there may be withholding tax as an US citizen.
I can’t spend more then 183 days in another country. Does that mean i can spend 180 days in a country, fly to cyprus for a few days and go back and then start from 0 days again in the other country? Or is it 183 days in total?
You can't spend more than 183 days a year in any other country, because then you will become a tax resident there.
It's in total within the tax calendar which runs Jan 1 through Dec 31.
Hi Rico, how can I get in touch with you about some loopholes?
Hi, I added my contact details in the video description.
Can you get 0% (well 2.65%) tax dividend if you have an american LLC ? Im spanish and want to move to cyprus
If the US LLC has no corp tax, yes. There are like 5 states in the US that make this possible. Actually, US LLC's are my favorable option for this scheme.
@@RicoReally? We are from there. Which state do you prefer?
@@DianaLuckysovaYou could look into Wyoming for example.
What about royalty?
Thanks a lot for your videos! They are unique in this specific topic!
I do have some questions, as I wish to move to Cyprus and start my own company too:
- Is health insurance obligatory as a Belgian living in Cyprus?
- Is a company required to register an employee? In that case, I would employ myself as an employee with a salary of € 1625 monthly, to earn € 19 500 yearly and thereby avoiding personal income tax, but it seems that health insurance is still obligatory?
- Could you please recommend anyone who I can contact from Belgium, before actually making a move to Cyprus?
Thank you in advance!
Hey there! Thank you for the kind comment. Glad to hear that!
- Yes, health insurance is mandatory for everyone that wants to obtain the Cyprus residency. But a super standard insurance is enough. I saw some of them for as cheap as 250€ for a year.
- Yes, I do the exact same. I'm employer and employee of my own company. You need a company for that. The only alternative option is to do a sole proprietorship, but this only makes sense for very small businesses with less than 19.500€ profit a year. My monthly salary is lower than what you intend to pay out, even though you'll still be below the personal income threshold, you'll pay a lot on social insurance. You can cut the monthly salary in half and pay out a bigger dividend from time to time, without social insurance on it. Only NHS.
- I do know a few people from Belgium. But for professional reasons I can't just name them here, of course. Also, Belgium is very similar to Germany. Feel free to email me, and I'll see how I can help you further.
Wait, I think I got confused here. You're not asking for a Belgian person that moved to Cyprus, but for someone that you can ask questions before you actually move to Cyprus, right? Haha, in that case, yes, I can surely make a friendly introduction to my accountant. Talk soon!
@@Rico Thanks a lot! I will send an e-mail soon! In the meanwhile, I'll be watching all your other videos about Cyprus.
@@UbzUnclemax Great! Thank you very much and talk soon.
@@Ricohey Rico! I know this is a bit old but it would be really helpful if you could reply! To make it clear, is it possible to not have any employees and only pay yourself dividends? Also you mentioned you can get a pretty standard health insurance of 250 per month. Does that mean you can avoid the 2.65% nhs on dividends and get a cheap private insurance? I'm Greek and pay 150 per month for insurance so 2.65% seems a lot haha
so how Cyprus makes money, why they allow it?
Rico is spending some money in Cyprus (every month about 3000 euros):
* 1000 euros in rent this money collected by the Landlord/Owner of the apartment and he will spend that money paying taxes.
* 700 euros in restaurants and these restaurants are paying taxes and providers that will pay taxes as well.
* 400 euros in supermarkets and yes the same that before provides blah blah...
* 100 Utility bills and these companies guess what... yeah they pay taxes as well.
* Rico as well is paying road tax, taxes when he fills up his car with gasoline, and he is an asset for the Country working to attract more people to come to Cyprus and have all those expenses as well.
* and VAT in all the expenses (that is a Tax).
* and there are accountants and other professionals in Cyprus that are being paid by Rico or by Rico's clients and they will pay another people with that money and ... taxes!
Meanwhile in German... yeah they have less taxes from Rico but they can raise even more the taxes to another Germans to compensate it XD.
Maybe that's how it actually should be? I'm currently in Spain, and I can definitely see where that hard-earned taxpayer money goes - to the beurocratic offices and jobs that shouldn't exist.
@@DianaLuckysova You should check out bureaucracy in Georgie (GE) by the black sea. It's a miracle.
I went to open a bank account, done in 10 minutes.
I went to register as a freelancer, done in 10 minutes.
They basically dumped the old system and made modern stuff from scratch.
You'll still want tax consultants to help you just in case, but it's just wonderful.
I dont get it, if you are non dom in Cyprus you are then still domicile in your country of origin and then have to pay taxes there so what's the benefit ?
Being a Non-Dom in Cyprus means that you are not domiciled in Cyprus for tax purposes, that's correct, but it does not necessarily mean that you are domiciled in your country of origin. Your domicile is determined by a combination of multiple factors. I don't pay taxes in Germany, only Cyprus, because I am a tax resident here.
@@Rico I think that it is not possible to be domiciled nowhere so if your not domiciled in Cyprus neither in Germany are you domiciled in another country ? I wish what you say is true because I'm trying to find a good country to expat myself and my business but I think your solution is kinda illegal...like Germany could come and ask you for unpaid taxes ?
@@aryenfr8473 Domicile is a complex legal concept that can be influenced by many factors, including country of birth, citizenship, residence, and intention to remain permanently in a particular country. As a general rule, domicile is typically considered to be the country where you have your permanent home and where you have the strongest connections and ties.
In my case, since I was born in Germany and am a German citizen, you might think Germany is my domicile by default. However, as I have moved to Cyprus under the non-dom regime and I demonstrate that I permanently moved here, my domicile may be actually considered to be Cyprus.
However, it doesn't really matter as I fulfil the official requirements for being Non dom in Cyprus. I do have the official Non dom document from the Cyprus government that I am exempt from the SDC until 2037. No one, not Cyprus, and not Germany can come for unpaid dividend taxes, because I have no obligations to pay those taxes towards anyone.
@@Rico For Cyprus you are 100% legal with your non dom status but for Germany I wouldnt be that sure unfortunately if Germany claim that since you dont pay taxes in Cyprus you must pay taxes in Germany you will have 0 way to oppose that domicile since you are non domiciled in Cyprus it is like your domicile never changed...you still are domiciled in Germany in my opinion
@@aryenfr8473 I am paying taxes in Cyprus, I'm just exempt from the dividend tax here. And thus I use this for my advantage and pay myself a big dividend. Germany can't claim any taxes now, or in the future, for any taxes. I'm not a tax resident there. They probably want to implement something like this in the future, but for the time being, no. And in general, I have no intention of ever going back to Germany anyway.
Is it true that you get this only if you don't intend to move there permanently?
It's for Non domiciled people, as the name tells. But the Non dom is for 17 years, so you can live here for that long.
@@Rico What if then I choose to stay?
@ Then you are domiciled and eligible for SDC.
@@Rico What does it mean? Do I still not have to retroactively pay the dividend taxes?
@ You mean for the 17 years prior? Of course not. But for upcoming years, yes.
Great video Rico! I'm a UK citizen and an active futures trader, evaluating a move to Cyprus.
2 video requests :)
1. Tax benefits for professional day traders moving to Cyprus. I believe Cyprus has special rules which doesn't tax short term gains of active day traders.
2. If one moves to Cyprus and applies for Citizenship by naturalization in 5 years, what is the likelihood of being granted citizenship, as long as one has met all the criteria? I'm told that southern Mediterranean countries (like Greece, Malta, Cyprus) are reluctant to issue citizenship by naturalization, even if one has met all the conditions. Is this true?
Thanks for any feedback :)
Hey there! Thank you very much for your comment and interesting video requests. I noted them. For the 1st one, I don't know exactly where you read this, but, Cyprus is not the best place for active traders. When you're day trading (multiple trades a day), one can argue that the gains are not capital gains, but actual income. Especially when it's your main/only source of income. So be aware of this, I'll talk about it in future videos to make this clear! Thanks.
@@Rico Thanks Rico for getting back so quickly. :)
I understand that Cyprus legislation provides that any gain on the disposal of "securities" is exempt from taxation (whether it be active income from day trading, or other short term/long term gains).
Securities can include: shares, options, futures, debentures, etc. So most securities traded on a recognized exchange, would be included, and hence tax exempt.
As this is quite unique in Europe, I understand there are quite a few active traders who move to Cyprus particularly for this reason.
Do take a look at this whenever you get some time, and look forward to any further thoughts on this.
I'm also trying to research my 2nd point in further detail: whether non-EU citizens living in Cyprus (on Permanent Resident status) have indeed been granted citizenship after 5 years there. As a Brit, losing my Freedom of Movement after Brexit has been a big bummer, so I'd really be keen to acquire another EU passport at the earliest. If you have any empirical evidence confirming that people do indeed get their Cypriot passports relatively quickly after applying, this would be a huge help!
Cheers Rico.
@@FrozenSkyy For the first. You are basically right, stock daytrading may be tax free in most cases, however if you would get a manual audit, the auditor could say you are working as self-employed, and thus you need to pay social insurance on your trading gains. However, the chances of this going through are low, and if you're not making millions, even lower. Cryptos, Forex and Gold/Silver is definitely taxed.
For your second question. First, 5 years is only for Europeans. For Non-Europeans you need to spend 7 full years in Cyprus, and then yes, you can apply for the citizenship. I don't have first-hand experiences yet, as I'm on the island for 4 years, and my first Non-EU clients started the process 2 years ago. But this will certainly work. I mean, not long ago we had the Citizenship by investment program where you'd get the passport immediately.
I understand your situation after Brexit, have you looked into Citizenship by investment programs? If it doesn't necessarily need to be Cyprus, there are plenty of alternative options that will go faster, if you have the liquidity to pay for it.
@@Rico Thanks Rico for the detailed response - all so helpful :)
1. Will study the active trading tax situation in Cyprus further on the lines you've suggested. The other option I was thinking of was to trade through an offshore company (say a US LLC), and then pay out dividends to myself while living in Cyprus as a Non-dom. I'm guessing that should work?
2. The only other CBI program I'd consider would be Malta. But given that I want to live in Europe full-time anyway, was thinking it's easier to simply get a residence permit in an EU country which is tax optimized, and then work towards naturalizing as a EU citizen in that country in 5-7 years, rather than spending $1m in one shot for the Maltese passport in 18 months.
Having a British passport gives decent travel already, so doesn't make sense to get one of the Caribbean programs.
@@FrozenSkyy Happy to hear that. Yes, trading through a company works as well. With a local CY Ltd. you'll pay the local Corp tax on profits and be safe, even Forex/Crypto trader do it this way. With an Offshore company, you'll pay the foreign Corp tax, if applicable. US LLC's might indeed be the best option, in some states you'll have no corp tax.
Well, in that case, the CY Residency program will definitely be the better option for you without having to do 6 or 7 figure investments.
Makes sense, agree. Caribbean programs might be more interesting to people that come from Third World countries, or just want to collect as many passports as possible.
Amaizing hop to see you soon dear