In 2017, the foundation appeared in the UAE: in Abu Dhabi in the Abu Dhabi Global Market free zone, then in 2018, in Dubai in Dubai International Financial Centre, and in 2019, in Ras Al Khaimah in RAK International Corporate Centre.
If an individual has been residing in Cyprus for more than 183 days, he/she automatically becomes a tax resident in Cyprus and, therefore, is obliged to report his/her income and pay taxes in Cyprus.
Hong Kong laws governing the taxation procedure for passive income from foreign sources were amended. Requirements for exemption from the corporate tax were supplemented by the economic substance requirement for the companies that meet the criteria specified in the law.
Cyprus continues attracting foreign investors and specialists. Issues of relocation, employment of foreign staff, tax obligations of foreign nationals and many more.
Cyprus has always been famous for foreigners flying in, opening a bank account, depositing EUR 5,000 to EUR 10,000 into the account – and easily obtaining the desired pink slip (Visitor Visa).