Do I have to pay personal income tax?

Written by Veronica Goncharenko on . Posted in Articles

Paying tax

Question: I am Russian citizen, working on a project for an oil and gas consortium which has companies in Cyprus, Russia and Canada. Although my engagement is signed with the Cyprus holding company, I do not permanently live or work from Cyprus. In fact, I have to travel and spend time in each country for the purpose of the project implementation and supervision. As such, I do not accumulate 183 days in either country.

What is my tax residence and should I pay any income tax and where?

Ways for providing tax efficient savings (Addendum)

Written by Veronica Goncharenko on . Posted in Articles

As already illustrated, contribution to approved provident fund and payments to life insurance are some very efficient pre-tax saving strategies to cut your tax bill; however, there are also few important considerations from financial and tax planning perspective that should be bared in mind.

First of all, “there is no such thing as a free lunch”. It is impossible to take something for nothing and even when you want to reduce your income tax you have to give up something.

Ways for providing tax efficient savings (Part 2)

Written by Veronica Goncharenko on . Posted in Articles

Tax efficient saving with insuranceBack in mid-1700’s Benjamin Franklin said, “In this world, nothing is certain but death and taxes”. Today, his words continue to echo in our realm of financial products where death and taxes have branched into life insurance and tax savings. In this article we shall look at the types of life insurance, their purpose, benefits, particularities and tax advantage.

Ways for providing tax efficient savings (Part 1)

Written by Veronica Goncharenko on . Posted in Articles

Some possible venues for putting your money for the long-term while reducing income tax, may be: contributions to approved provident fund, pension fund or term/life insurances; or any combination of them. In this article, we shall look into approved provident funds, their structure, purpose, regulations and tax benefits.

Russian expatriates and Cyprus pension

Written by Veronica Goncharenko on . Posted in Articles

The social insurance scheme in Cyprus is based on the Social Insurance Law of 1980 with amendments and regulations issued thereafter, and has the objective of protecting insured persons from financial hardship. Some of the benefits provided by the social insurance scheme are: old-age pension, social assistance, unemployment and maternity benefits, as well as grants for marriage, childbirth and compensations for industrial accidents.

In this article, we shall look into the old-age pension as applicable to non-EU countries nationals (say, Russia expatriates) who come and work in Cyprus for number of years, after which return in their home country.

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