Cyprus Tax for Property Buyers
Cyprus Tax Law 1. INTRODUCTIONThe House of Representatives of Cyprus approved a tax reform in July 2002 (Law No. N118 (I) 2002), which has been effective since January 1, 2003. This tax reform aims to conform to the standards of the European Union and the EU code of conduct, as well as abide by its commitment to the Organisation of Economic Cooperation and Development (OECD) to eliminate harmful tax practices.The main features of the tax reform are the following:2. CORPORATION TAX FOR ENTITIES· The definition of resident of Cyprus is introduced. A company is resident in Cyprus if its management and control is in Cyprus.· There is no longer a distinction between local companies and International business companies (IBC
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