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Send Enquires
  • Login
CyAuSe - Cyprus Audit Services Ltd
  • Home
  • Reduce Taxation
    • Find the Right Jurisdiction
    • Select Vehicle / Company Type
    • Are You a High Net Worth Individual?
    • Tax Free Income
    • Cyprus Tax Tips
      • Cyprus Tax Calculators
        • Cyprus Corporation Tax
        • Cyprus VAT
        • Cyprus Gross to Net Salary
        • Cyprus Dividend Tax
        • Cyprus Social Insurance
        • Cyprus Capital Gains Tax
      • Cyprus Property Owners
      • Cyprus Company Owners
      • Cyprus VAT Related Tips
      • Cyprus Employed Persons
      • Cyprus Self Employed Persons
    • Cyprus Double Tax Treaty Network
    • Cyprus Crypto Tax
    • Cyprus NHS / GESY
  • Incorporation
    • Middle East Company Formation
      • Dubai Companies
      • Qatar Companies
      • Saudi Arabia Companies
    • Create an International Company
      • Cyprus
        • Cyprus as a Business Centre
        • Head Quarter Relocation
        • Cyprus Company Maintenance
        • Cyprus Bank Account
        • Cyprus Company Creation
        • Cyprus Company Tax Benefits
        • Cyprus Double Tax Treaty Network
        • Payroll System
        • Useful Information
        • Popular Cyprus Structures
        • Cyprus Start Up Information
        • Cyprus Remote Employer
      • Seychelles Companies
      • BVIs (British Virgin Island)
      • Ireland
      • Bahamas
      • Malta
      • Isle of man
      • Gibraltar
      • Cayman Island
      • United Kingdom
      • Rest of the world
    • Create an International Trust
    • Create an Investment Firm
    • Cyprus Start Up Information
      • Company vs Self Employed
      • Company Issues
      • Funding Solutions
      • Accounting Issues
      • Start Up Tips
    • Buy Ready / Shelf Companies
  • Bank Accounts
  • Services
    • Company Services
      • Company Audit
      • Internal Audit
      • Re-Domiciliation Services
      • Executive Services
      • Accounting services
      • Outsource Payroll
      • Outsource Vat & Tax
      • Final Accounts
      • Management Accounts
      • Cash Flow
      • Business Plans & Feasibility Studies
      • Fiduciary & Support
      • Substance Solutions
      • Compliance Services
      • Marketing
        • Branding
        • Email Marketing
        • Lead Generation
        • Social Media Marketing & Advertising
        • Pricelist
    • Individual Services
      • Personal Taxation
      • Capital Statement
      • Succession Planning
      • Family office services
      • High Net Worth Individuals
    • Bank Account Set Up
    • Niche Markets
      • International Business Companies
      • Services Sector
      • Cyprus Forex and Investment Firms (CIFs)
        • Specialised services
        • Best Practises
        • CySEC Glossary
        • Cyprus Investment Firms and Funds Articles
      • Travel Sector
      • Real Estate & Construction
      • Retail and Consumer
      • Funding Programmes
        • Open - Expected Programs
        • EU Cyprus Programs
          • Youth Entrepreneurship Programs
        • Cyprus Personnel Funding Solutions
      • High Net Worth Individuals
    • Company Formation
  • Knowledge Hub
    • Blog
    • Articles
    • Announcements / Cyprus News
    • Client Enquiries
    • Video Tutorials
      • Tax & VAT Tips
      • Relocating to Cyprus
      • Our Mobile Application
      • Audit Guidance
      • Cyprus Company Related
    • FAQs - Corporate Cyprus
    • Interviews
    • Download Section
      • Tax Download Section
    • Publications
  • Relocate to Cyprus
    • Cyprus Immigration - EU Nationals
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  • Funding
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      • Educational Videos on Regulated Markets
    • Cyprus Funds
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Russian market

Home / About Us / Our Clients / International Clients / Russian market
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Russian market

Cyprus has been one of the most favourable jurisdictions for the Russian market primarily because of its strong judicial system which is based on the Anglo Saxon system.  Following Cyprus accession to the European Union in 2004 the Constitution was amended so that European Union Law has supremacy over the local Constitution and laws and regulations. This strengthens the comfort our international clients have when conducting business in Cyprus as they can settle any disputes to the European Court of Justice if they want to challenge the local courts decisions.

It is no wonder why Cyprus companies (of Russian interest) have the biggest direct investment in Russia.  Coupled with Cyprus judicial system Cyprus has and favorouble double tax treaty with Russia it is no wonder why Cyprus is the preferred jurisdiction by many Russian origin businessmen.

Consequently, the Russian market comprises a fair portion of our portfolio. In addition, since the introduction of the “non-dom” status, i.e. the non-domiciled status which is a special tax status for worldwide tax free dividends, more and more Russian clients are relocating to Cyprus to take advantage of the Special Tax Benefits offered to them as well as to use their Cyprus Companies without any international restrictions.

Main Factors Russian clients choose to incorporate Companies in Cyprus?

  • Strong Corporate Legal System (based on a case by case outcome)
  • Non – Domiciliation Incentives (mentioned above)
  • Favourable Holding and Investment Structures
  • Tax Free Dividend Remuneration.
  • Tax Free Disposal of Shares.
  • 12.50% Corporation Tax (Lowest in the European Union)

Non Dom - Special Cyprus tax for non cypriots

What is the Non-Dom Status

Example

A Russian client can become a Cyprus Tax Resident if he or she stays in Cyprus for more than 6 months in a calendar year. If this condition is met and this person has not been living in Cyprus for the last 17 years then he or she is entitled to the Cyprus Tax Resident Non-Dom Status.

The Non-Dom Status means that the person will be a Cyprus Tax Resident but under a Special Regime as explained below:

Tax Benefits of the Non – Dom Status:

  • 100% Tax Free Dividends
  • 100% Tax Free Passive Interest Income
  • No Special Defence Tax on Rental Income
  • Taxed based on Cyprus Corporation Tax on their World-Wide income

Therefore, it is no brainer why so many Russian clients have relocated to Cyprus over the last two years. Coupled with the reduce housing market prices since the recession in Cyprus in 2013, Cyprus is an ideal destination for the wealthy business people.

Double Tax Treaty between the Republic of Cyprus and Russia

Learn more about Cyprus Taxation

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