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Cyprus: The "60 day rule"

The Income Tax Law has indeed been amended very recently by introducing a 60-day test for attracting additional income and investors.

The 60-day test would apply to an individual, if the following pre-conditions set by the Law, apply cumulatively:

- Does not reside in any other country for more than 183 days in aggregate within a tax year;
- He is not tax resident in any other country;
- Resides or remains in Cyprus for a period of at least 60 days during the tax year;
- Carries out any business and/or is employed in the Republic and/or possess any office in any tax resident person of the Republic for any time during the tax year in question;
- Maintains permanent place of residence in the Republic, either owned or rented.

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