Cyprus showcases tax benefits at London event amid UK tax reforms

Cyprus highlighted its investment attraction at a London event on December 4th, emphasizing tax incentives for high-net-worth individuals amid ongoing UK tax reforms.  

The event, titled “Non-Doms: The Cyprus Private Client Offering Gathering 2024,” was organized by IMH and Invest Cyprus at the London Stock Exchange.

Over 150 attendees, including more than 120 UK professionals – such as lawyers, accountants, private wealth advisors, and family office managers – and over 30 experts from Cyprus, participated.

By bringing these groups together, the conference aimed to strengthen ties between Cyprus and the international investment community.

At the heart of the discussions was Cyprus’s competitive tax regime, offering asset protection solutions and residency opportunities for businesses and individuals.

The main theme, “Cyprus: The preferred destination for ultra-high-net-worth individuals, families, companies, and their employees,” focused on the country’s numerous advantages for non-domiciled individuals.

To reinforce this strategic focus, Marios Tannousis, CEO of Invest Cyprus, and George Pantelis, former Director-General of the Ministry of Finance, outlined Cyprus’ approach to attracting international investors and businesses.

Their presentations highlighted the island’s growing appeal as a stable jurisdiction offering financial benefits to high-net-worth individuals.

This year’s conference comes at a crucial time for Cyprus. Following the UK government’s decision to abolish the long-standing non-domiciled tax status, as announced by Chancellor Rachel Reeves in her Budget speech to Parliament last October, significant changes are set to be implemented.

The current regime will be replaced in April 2025 by a residence-based system with internationally competitive terms for temporary residents.

This shift creates a valuable opportunity for Cyprus to position itself as a prime choice for high-net-worth individuals, boosting its economy and international standing.

The conference concluded with a networking breakfast, providing attendees with the opportunity to exchange ideas and explore new collaborations.