Exempt
It should be noted that the SDC Law provides that when a
Cyprus-domiciled person transfers assets to a non-domiciled
relative (up to the third degree), it is then up to the
Commissioner to decide whether the transfer was performed for tax
avoidance, in which case the income deriving from the said assets
will be subject to defence tax.
Cyprus, a Prime Tax Destination
Cyprus was not the first country to apply the Non-Domiciled Individual concept. Countries such as
Ireland, Malta and the United Kingdom have also adopted similar tax
concepts. For example, while in Cyprus one can only uphold the