MARCH 2017 CYPRUS
UK after Brexit [ KEVIN OFFER ]
THE PROMISE of a referendum on membership of the EU featured in the Conservative Party memorandum before the last election. When the referendum
The ‘non-dom’ rules and the tax treaties will remain, but the status of EU nationals living in the UK, and vice versa, is uncertain
took place, the ‘leavers’ were – unexpectedly – successful. The Great Reform Act provided for the embodiment of EU law in domestic law, but it is contemplated that many of the provisions will be repealed. The Brexit terms are yet to be negotiated; various options are being canvassed – the Turkey option, for example. It seems unlikely that the EU will give free access to its market without free movement of people. The UK is planning to leave the customs union and negotiate a separate deal with the EU and other countries. It is expected that VAT will remain substantially unchanged as far as domestic transactions are concerned. Many of the EU directives are expected to cease to have effect in the United Kingdom. The EU rules on state aid may also go – at any rate to some extent. The UK as a base for holding companies is expected to survive. The ‘non-dom’ rules and the tax treaties will remain, but the status of EU nationals living in the United Kingdom, and of UK citizens living in EU countries, is uncertain. Everything will of course depend on negotiations now in progress, but it seems likely that the UK will not get a better deal than that enjoyed by EU members.
Cyprus, a reliable partner: a closer look at the Cyprus ‘Non-Domicile’ concept and the Yacht VAT Leasing Scheme
[ ANNAMARIA VASSILIADES ]
THE TAX, legal and regulatory infrastructure have been
the basis of the country’s premier position in the international financial world. Cyprus has now introduced a special tax regime for individuals not domiciled in the country. The concept of domicile was given statutory form in colonial days. Since July 2015, non- domiciled resident individuals have been exempt from tax on dividends and interest and on the first €19,000 of employment income (€100,000 for new residents) and also exempt on certain other kinds of income and gains. In 2012, Cyprus introduced a
reduced VAT scheme for yachts: different rates apply to motor and sailing boats and vary according to the length of the boat. The lowest available rate is approximately 2.4%. The lease must comply with prescribed conditions, but the scheme is available regardless of the flag flown by the boat. The reduced rate applies to purchases as well as leases.
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THE ITPA GREEN BOOK 2018
www.itpa.org
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