Nomads Club

31/10/2024

Trick or Treat? 🎃
🍬Treat! From the Tax Department in Cyprus…
For those who were haunted by the idea of submitting the tax return today and paying the tax…
👻You have another month!

By default, the deadline for submitting tax returns for individuals in Cyprus and paying the income tax is on 31 July. However, the deadline is usually extended.

🍭This year it was further extended until 30 November 2024.

➡️Learn why to file a tax return in the country where you’re a tax resident.

09/10/2024

Let’s catch up on the news from Summer!
🇬🇧 🇮🇹 🇵🇹 🇬🇷 Important things happened in UK, Italy, Portugal and Greece.

Meanwhile…in France 🇫🇷 there is a discussion about introducing taxation based on citizenship 🤯A French prime minister candidate proposed to implement a new tax system, like the one in the USA.

States desperately want to increase the tax revenue. Governments try to find a solution for a certain injustice between reach expats and locals who cannot afford the raising costs of living and housing. Who’s next?

17/09/2024

Nomad Fest Switzerland – the recap 🇨🇭🏔️

Coliving frilingue managed to gather high value people - nomadic entrepreneurs, who truly live on their purpose, while building their businesses.

🏡 The outcome from so many presentations and talks is that in nomadic life everyone needs a base, since the never-ending travelling (or escaping?) does not really work in practice!
It was greatly connected with the message coming from the presentation by Jowita – about importance of choosing a location from the tax perspective.

✨Totally charmed by discovering that there are still people who know how to build communities, with a feeling of good old times pre-social media era.
Big thanks to and for brining all of us together!

👩🏼‍💻Another story- their coliving & coworking spaces in Alps, but this deserves a separate post.
https://www.facebook.com/coliving.frilingue.community

11/07/2024

You ask, we answer. Save for later! 📒📎

The most common question from business owners or aspiring entrepreneurs:
🤔What’s better: a company or a self-employment?

✏️There are many misconceptions about incorporating a limited liability company versus the registration as a “sole trader”.

✏️In the slides we are specifically referring to running a business in Cyprus 🇨🇾 But the general rules are applicable and helpful for other jurisdictions.

✏️Many freelancers are afraid of establishing their first business as a company. Very often it is the most convenient way of running a business, for couple of reasons, especially in combination with certain tax benefits, like in Cyprus.

26/04/2024

🇬🇧 The end of non-dom in the UK!
From 6 April 2025, the current rules for non-UK domiciled individuals (non-doms) will end.

💡 What was non-dom about?
„Non-dom” describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.
A non-dom only pays UK tax on the money they earn in the UK. They do not have to pay tax on money made elsewhere in the world (unless they pay that money into a UK bank account).
It has also offered protection from Inheritance Tax on non-UK sited assets.

❌What changes? 💸💸
From April 2025, individuals who move to the UK will not have to pay tax on money they earn overseas for the first four years. After that period, if they continue to live in the UK, they will pay the same tax as everyone else.
The current nom-dom status holders will be allowed a two-year transition period.
 
⚖️The draft legislation is now going for public consultation.
The goal of the government is to simplify tax regime and ofc keep more money in the country.
But it is likely to discourage expats from staying longer in the UK. It also impacts the UK in terms of attractiveness for High Net Worth investors.

The non-dom regime has formed part of the UK’s tax system for over 200 years.
Now the concept of domicile in the UK will be replaced by a system based on tax residence.

22/11/2023

❗️Changes in the famous Portuguese Non-Habitual Resident (NHR) program.
 
🇵🇹In October, the Portuguese government proposed changes to the NHR regime – ending the program and introducing a new NHR regime.

👉🏼Since 2009, the NHR regime has been successfully attracting non-Portuguese residents such as pensioners, skilled workers, and investors to come and live in Portugal.  The biggest benefits of becoming the tax resident of Portugal were full tax exemption for income from outside Portugal and flat tax rate of 20% on Portuguese sourced income from high value-added activities (granted for 10 years).
 
There is still a chance that this is not the end of the regime.

👉🏼𝐓𝐡𝐞 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐨𝐫𝐲 𝐩𝐞𝐫𝐢𝐨𝐝 𝐡𝐚𝐬 𝐣𝐮𝐬𝐭 𝐛𝐞𝐞𝐧 𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐞𝐝. For now, the proposal includes the transition for those who had already registered as an NHR or met the requirements to join the regime by the end of this year, but also for those who present sufficient evidence that they have prepared their move to Portugal in 2023. 
Also, after PM António Costa’s resignation and the calling of early elections for March 10, 2024, the situation is not so obvious: the next government might move forward with the NHR abolishment, leave it in its current form, or present some further amendments. 

⚠️If the new proposal comes into effect on 1 January 2024, it will offer a narrower scope of eligible professions (only highly skilled profiles and promoting scientific and industrial research), than the current NHR regime. 
However, it will potentially offer other advantages like: 50% exemption from personal tax on income from work and other business activities (regardless of the field of expertise of the beneficiary, up to a maximum of €250,000 annually).

We are waiting for the updates from Portugal, all depends on voting and the political climate. 

21/11/2023

Web Summit - probably the best networking event that you can attend in Europe. 🙌

🇵🇹 Visiting Lisbon was a great occasion to discuss the changes in the famous Portuguese Non-Habitual Resident (NHR) regime. Tomorrow the post with some notes about the current situation of the program.

🤓The in numbers:
70,236 attendees from 153 countries, 2,608 startups, 43% women attendees 😉

Next year’s edition was already announced. Save the date: November 11-14, 2024! See you!👋

20/07/2023

Happy to share with you the interviews with digital nomads living in Cyprus. 📽☀ https://lnkd.in/dTBAVhUa
From the short talks you can find out how they structured their businesses and how they benefit from the taxation system in Cyprus.

🎦We are inviting you to subcribe to the newly launched Youtube channel: 𝐓𝐚𝐱𝐓𝐮𝐛𝐞 You can also find there interviews with expats living in Georgia.

See you on 𝐓𝐚𝐱𝐓𝐮𝐛𝐞! ▶

Hi everyone, welcome from Limassol Marina. In today's episode, we are going to talk about living in Cyprus as a digital nomad. Jowita is asking her guests to...

02/12/2022

🔺All the signs 🪧 show it’s Friday!
🔻 And the recent live session with Soomro from visadb.io - Hire immigration & tax experts anywhere is now uploaded on their Channel! Link below and a short teaser in stories 🎦⏯

PS Results of the recordings from Limassol Marina coming🔜

31/10/2022

Spontanous interviews by Pavlina Papalouka during a cruise of Cyprus expats community.
Full video now on the YT Channel: https://lnkd.in/eUf_xAc8