Business Start-Ups for Cyprus Expats
Business Start Up costs in Cyprus are expensive and new Expat Business starting in Cyprus should consider their approach to save money and tax in the crucial first two years as the business gets going.
Consider a contractor or sole trader starting a new Cyprus Business. A start new business could pay over Euro 900 per quarter as a fixed social insurance from the outset. While reductions can be achieved with allot of hard work a minimum social insurance tax bill would be around Euro 300 per quarter.
With good planning you could reduce the business set up costs while remaining compliant for income tax, VAT and Social Insurance
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Expat Business Start Ups in Cyprus
EU Expats living and working in Cyprus could start a business based upon their EU tax status, saving costs in the early years. These great tax savings come with a bonus that home country state pension and medical benefits could be retained for a period after leaving the home country.
In Cyprus no medical or welfare benefits can be received until 3 years contributions are made. This could be the expat family at risk before any benefits are received for Cyprus Social Insurance.
Doing nothing is not an option. If you are economically active you are liable for income tax, VAT and social. Better to stay legal, and make the best tax savings for your circumstance.
ProACT expat experts offer tax saving for people living and working and investing abroad. Find out more at our website.
Sam Orgill
ProACT Partnership - Tax Saving Experts
www.proactpartnership.com info@proactpartnership.com
TEL: +357 26 819 424
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