Non-doms: The Cyprus Private Client Offering Gathering takes place in London today

An extremely important conference is taking place today in London, UK, entitled “Non-doms: The Cyprus Private Client Offering Gathering”, where key stakeholders from Cyprus will present the island’s advantages as a destination of choice for High Net Worth Individuals (HNWIs), their families, their businesses and their employees.

The conference is organised by IMH in partnership with Invest Cyprus and the Cyprus Investment Funds Association (CIFA), and sponsored by Alpha Bank Cyprus Ltd, Athlos Capital, Bank of Cyprus, Domenica Group, Limassol Greens, PwC Cyprus, Pyrgou Vakis LLC, Totalserve Group, PGE&Co and Tsirides Law.

Cyprus is one of very few places in the world, and notably, the EU, offering a full spectrum of quality services to cater to private client needs. A wide range of benefits, both financial and non-financial, are available to Affluent and High Net Worth Individuals (HNWIs), their families, their businesses and their employees.

Non Doms: The Cyprus Private Client Offering Gathering aims to showcase all of Cyprus’ benefits and advantages relevant to private clients, from tax and wealth preservation, to living and working in Cyprus, to setting up business presence on the island.

A specialised conference to a targeted audience of professionals in London presenting the whole range of services and benefits available in Cyprus for HNWIs, their families, companies and employees.

Who will attend?

Specialised consultants and advisors operating in the private client professional services space such as:

• Professionals specialising in private wealth management
• Family office representatives
• Legal and tax advisors specialising in private client services
• Senior officials from banks and other financial institutions specialising in private banking
• Senior professionals operating in the wider financial services sector

Why Cyprus?

Cyprus is one of the best places worldwide for the provision of a holistic service of quality to HNWIs, and is fast becoming a destination of choice for HNWIs. Cyprus has a host of compelling advantages to offer, both as a jurisdiction for doing business as well as a prime destination for non-domiciled individuals.

Economic environment and main features

• Cyprus provides a steady, robust and simple legal and tax system within a safe, pleasant environment offering a high quality of life.
• The Cypriot economy has been growing steadily in the last 10 years, with a GDP growth higher than the EU national average.
• As a member of the EU and Eurozone, Cyprus ensures safety and stability to businesses and investors, offering market access to more than 500 million EU citizens
• Cyprus is a common law jurisdiction with a steady and robust legal system
• Cyprus’ simple and transparent tax system is compliant with EU and OECD requirements and recommendations
• The country has an extensive tax treaty network with more than 65 countries
• Specialised, tried and tested non-domicile regime to cover the individual and their family members
• Multiple tax benefits including tax free dividend repatriation and capital redemption, no inheritance tax, no capital gains tax (except on property in Cyprus) and no tax on non-domiciled individuals on passive income
• Reliable, trustworthy and sophisticated international trusts framework

Families

• High quality of life in one of the safest countries in the world
• More than 300 days of sun per year
• Excellent international schools across the country from nursery through to university level
• High quality NHS services and private healthcare
• Advanced infrastructure and telecommunication services
• Most blue flag beaches in the EU, scenic mountains and a wealth of culture and tradition

Corporates

• Corporate income tax rate of 12.5%
• Notional interest deduction
• Favourable IP Box regime
• 20% extra deduction on R&D costs
• Specialised shipping tax framework (tonnage tax) covering ship owners, managers and charterers
• Exemption on capital gains and gains from the sale of shares, bonds and securities
• Modern, business-friendly framework for the set-up, management and administration of investment funds

Employees

• Individuals taking up residence and “first employment” in Cyprus with employment income of more than €55,000 are eligible for 50% tax exemption on personal income tax for 17 years
• Individuals taking up residence in Cyprus with employment income of less than €55,000 are eligible for 20% tax exemption (capped at €8,550) on personal income tax for 7 years
• Expedited migration policy for high-level employees of foreign companies creating presence in Cyprus (e.g. companies operating in ICT, fintech, biotech, shipping and other high-value sectors of the economy) through the Government’s Business Facilitation Unit

Download the conference’s brochure here