I Am Relocating To Cyprus (I Think) With My Online Company

Discussion in 'International Business' started by mrka, Aug 26, 2020.

  1. mrka

    mrka UKBF Regular Free Member

    125 5
    I should be moving over in 2 weeks.

    I run an online design and manufacturing business. I should be applying for voluntary VAT in the next 2 weeks, as i am keen to appear bigger and better etc etc. (That's anther topic).

    If I move to Cyprus. I am just wondering if I would be liable for any other taxes.

    Majority of my work comes from the UK, but also if plans go well will be more international through Europe and even Americas.

    Can anyone advise me on tax/vat related issues?
     
    Posted: Aug 26, 2020 By: mrka Member since: Jul 11, 2013
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    16,403 3,470
    Are you a sole trader or is your business a limited company?
     
    Posted: Aug 26, 2020 By: Scalloway Member since: Jun 6, 2010
    #2
  3. mrka

    mrka UKBF Regular Free Member

    125 5
    Ah.. Limited Company.
     
    Posted: Aug 26, 2020 By: mrka Member since: Jul 11, 2013
    #3
  4. Scalloway

    Scalloway UKBF Legend Free Member

    16,403 3,470
    Posted: Aug 26, 2020 By: Scalloway Member since: Jun 6, 2010
    #4
  5. mrka

    mrka UKBF Regular Free Member

    125 5
    Thanks, useful.
    Well, I don't actually want to move it, so looks like I am fine.
    I will simply be conducting business over there.
    So looks like I am just business as normal then?
    As I may even move over to Asia at some point. Would not want to be doing admin everytime I moved country.
    I will just focus on the more important stuff for now.
     
    Posted: Aug 27, 2020 By: mrka Member since: Jul 11, 2013
    #5
  6. Scalloway

    Scalloway UKBF Legend Free Member

    16,403 3,470
    If you are planning to get the compnay to pay you you need to look at the tax residence rules wherever you stay.
     
    Posted: Aug 27, 2020 By: Scalloway Member since: Jun 6, 2010
    #6
  7. Chris Ashdown

    Chris Ashdown UKBF Legend Free Member

    11,868 2,471
    Posted: Aug 27, 2020 By: Chris Ashdown Member since: Dec 7, 2003
    #7
  8. Ray272

    Ray272 UKBF Regular Free Member

    313 43
    Company in UK
    Banking in UK

    Working from anywhere.

    Absolutely nothing to do.

    Maybe correspondence address via a digital mail house like ukpostbox for easy access to mail but other than that.

    Zero changes.
     
    Posted: Aug 27, 2020 By: Ray272 Member since: Jul 5, 2017
    #8
  9. Ray272

    Ray272 UKBF Regular Free Member

    313 43
    Just to add.

    Get to know what works for you:

    Skype with a regional UK number.
    Not great though for banking and OTP. Mobile required. But loads of solutions to overcome that.

    VPN - use this 247 good for researching other markets locally too.

    I kicked off my remote working 6 years ago with a Microsoft surface and nothing else.

    Microsoft surface died 18 months ago.

    Everything else is ok.
     
    Posted: Aug 27, 2020 By: Ray272 Member since: Jul 5, 2017
    #9
  10. mrka

    mrka UKBF Regular Free Member

    125 5
    Cheers. I have an 0161 number that directs to my mobile, not the best service though!

    Never used VPNs, do you really advise them for me?
     
    Posted: Aug 28, 2020 By: mrka Member since: Jul 11, 2013
    #10
  11. Ray272

    Ray272 UKBF Regular Free Member

    313 43
    I only found out I needed one when I tried to login to online banking.

    Never had an issue when using a VPN with a UK IP.
     
    Posted: Aug 28, 2020 By: Ray272 Member since: Jul 5, 2017
    #11
  12. Ray272

    Ray272 UKBF Regular Free Member

    313 43

    Skype USA have a mobile number facility to receive texts etc.

    Skype UK does not. Unfortunate
     
    Posted: Aug 28, 2020 By: Ray272 Member since: Jul 5, 2017
    #12
  13. LanceUk

    LanceUk UKBF Regular Free Member

    110 36
    Whoa! I may have missed something, but you are moving to Cyrpus in the next two weeks, but you are not [wanting to?] move? Are you moving there, or simply wanting to move your business there?

    If you are moving there but most of your business is in the UK, then VPN + all the other tech will work. If you have plans to expand into Europe, incorporate anywhere in Europe that gives you the best deal and get prepated to use more tech to give the illusion you are based there (do/willyou employ people when you expand? Do you employ people now?)

    If you want your business to be based there, weigh up winding up your UK business, or because most of your business is in the UK, keeping it to keep things simpler after 31/1/21... and set up a distinct business in Cyprus (or anwhere else in the rest of the EU).

    BTW - I (and I think all other respondees) are assuming Southern Cyprus... the North is a completely different beast..

    BTW, if you are moving there, I am totally envious!
     
    Posted: Sep 5, 2020 By: LanceUk Member since: Jan 8, 2018
    #13
  14. MikeJ

    MikeJ UKBF Big Shot Free Member

    5,838 1,721
    There is no such thing as Southern or Northern Cyprus.

    There is "Cyprus", and the "occupied part of Cyprus".
     
    Posted: Sep 8, 2020 By: MikeJ Member since: Jan 15, 2008
    #14