With current uncertainty about the taxation status of shipping in Greece and the recent budget announcement in the UK that will affect non-domiciled residents from April 2017, the move by the Cypriot authorities looks very timely.
The amendments, published in the Cyprus Government Gazette on 16 July, mean that non-domiciled individuals will be exempt from the country’s Special Defence Contribution (SDC) of 17% on dividends and 30% on interest, irrespective of whether these incomes are earned in Cyprus or abroad.
