Any individual who has a domicile of origin other than Cyprus and has not been a Cyprus tax resident for at least 17 out of 20 consecutive years.
The new Non-Domicile Tax Resident principle will be particularly of interest for investors obtaining Cyprus citizenship. There are no tax implications on those obtaining passports if they reside outside Cyprus and do not become tax residents in Cyprus. Their income/dividends continue to be taxed by their respective countries of tax residence.
Furthermore, they can now spend respective amount of time in Cyprus during the year in order to turn tax residents and be exempted from paying taxes on dividends, bank deposit interests and rental income (for SCD) earned worldwide and in Cyprus.