Who We Are
Established since 1976, Harris Kyriakides LLC has grown over the years into the largest law firm in Larnaca and one of the largest law firms in Cyprus. The development of the firm has always been founded on principles of integrity, professionalism and adopting standard of excellence, yet at the same time the firm is dynamic and consistently becomes adaptive and responsive to evolving clients' needs, by introducing technology and modern practices.
The firm maintains over 35 lawyers and over 80 professionals in total. It is structured in 16 separate departments, namely Administrative and Public Law, Banking and Finance, Competition, Procurement and Regulatory, Corporate and Commercial advisory, Corporate Dispute resolution, Data Protection and Cyber Law, Debt Collection, Intellectual Property, Insurance and Personal Injury, Private Client (Trusts, Funds, Estate, Matrimonial), Private Client (Citizenship and residence), Real Estate, Employment, Sanctions, Anticorruption & AML, Shipping & Admiralty and Tax. Each team of lawyers and paralegals specialises on a specific area of law and, where necessary, co-operate in matters which require a multi-discipline focus.
The firm provides advisory services and representation in transactional work (from simple to quite complex multinational transactions) and dispute resolution (including heavy weight disputes with international elements). It maintains extensive experience and deep expertise in dealing with the complexities of litigation and transactions nationally and internationally and across a wide variety of market sectors. The firm covers the whole territory of Cyprus and serves international and local private clients, businesses, organisations, charities and institutions. Its clientele includes several governments, governmental organisations and national and ultinational companies as well as high-net-worth individuals and family offices.
Harris Kyriakides LLC has been regularly recognised for its dedication to clients, its success in the legal and business community and its social responsibility. It was highly ranked in independent research on legal professionals and it was acknowledged in prestigious national and international directories and publications including Legal 500, Who's Who Legal and Chambers and Partners.
Basis of Taxation
Where an individual is a tax resident in the Republic of Cyprus ('the Republic'), tax is imposed on income accruing or arising from sources both within and outside the Republic.
Where an individual is not a tax resident in the Republic, tax is imposed on income accruing or arising only from sources within the Republic.
'Resident in the Republic' when applied to an individual, means an individual who stays in the Republic for a period or periods exceeding in aggregate 183 days.
As from 1 January 2017 an individual can be a Tax Resident of the Republic even if he/she spends less than 183 days in the Republic provided that he/she satisfies all of the following conditions within the same tax year(1 January- 31 December):
i. Does not reside in any other single state for a period exceeding 183 days in aggregate, and
ii. Is not considered tax resident by any other state, and
iii. reside in Cyprus for at least 60 days in the year of assessment, and iv. maintains a permanent home in the Republic that is either owned or rented, and
v. carries on a business in the Republic, is employed in the Republic or holds an office in a person who is a tax resident of the Republic at any time during the year of assessment.
If the employment/business or holding of an office is terminated during the tax year, then the individual ceases to be considered a Cyprus tax resident of the Republic at any time during the tax year.
Basis of Taxation
For the purpose of calculating the days of stay in the Republic:
i. The day of departure from the Republic is deemed to be a day outside the Republic;
ii. The day of arrival in the Republic is deemed to be a day in the Republic;
iii. The arrival in the Republic and the departure from the Republic in the same day is deemed to be a day in the Republic;
iv. The departure from the Republic and the arrival in the Republic in the same day is deemed to be a day outside the Republic.
The Tax Department may request the submission of supporting evidence in connection with whether an individual is or not a resident of the Republic in any particular year, including copy of passport, air/sea tickets or boarding passes which show the dates of entry or exit.
The complete guide can be viewed here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.