A high net worth individual or as commonly known a HNWI is a person with multiple income streams usually in various geographical locations (tax jurisdictions) and as a result a prospect client for tax planning services. Cyprus has introduced a very attractive tax incentive scheme called the "non dom" tax status specifically design for such persons. Other countries may have similar incentives and this is something we can examine on your behalf.
In a nutshell, such a person can enjoy tax free dividends across the globe by staying in Cyprus for only 60 days and becoming a Cyprus Tax Resident. Like all tax incentives certain requirements and restrictions apply as follows:
Note: Origin of domicile is defined at birth and as a rule is the domicile of the father and in some rare instances / occasions of the mother.
If you are a shareholder receiving large amounts of dividends in high tax jurisdiction and you travel a lot then you should consider the possibility of changing your tax residency as the tax benefits, savings of 0% dividend tax outweigh any possible inconvenience such as travelling to Cyprus for a few days which is a great opportunity to meet up with high level tax advisors and lawyers who can assist you with your existing and other business issues.
In addition as trading in securities is entirely tax free in Cyprus, tax free dividends and trades are perceived as irresistible benefits by a portion of our clients.
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