Cyprus on Wednesday showcased its advantages as a tax destination during a gathering in London, highlighting benefits for high-net-worth individuals amid UK tax reforms.
The event, titled ‘Non-Doms: The Cyprus Private Client Offering Gathering 2024, was hosted by IMH and Invest Cyprus at the London Stock Exchange.
More than 150 participants attended the event, including more than 120 professionals from the UK—such as lawyers, accountants, private bankers, and family office managers—and over 30 experts from Cyprus.
By bringing together these groups, the conference aims to foster stronger ties between Cyprus and the international investment community.
At the heart of discussions is Cyprus’ competitive tax regime, which offers wealth protection solutions and relocation opportunities for businesses and individuals.
The central theme, ‘Cyprus: A Destination of Choice for High Net Worth Individuals (HNWIs), their families, companies and employees,’ focuses the country’s multiple advantages for non-domiciled residents.
Adding to the strategic focus, Marios Tannousis, CEO of Invest Cyprus, and George Pantelis, former Finance Ministry director general, outlined Cyprus’ approach to attracting international investors and businesses.
Their presentations underlined the island’s growing appeal as a jurisdiction offering stability and fiscal benefits to high-income earners.
This year’s conference takes place at a crucial moment for Cyprus. Following the UK government’s decision to abolish its long-standing non-dom tax regime, as announced last October by British Chancellor of the Exchequer Rachel Reeves during the budget presentation to Parliament, significant changes are to be made.
The existing regime will be replaced in April 2025 by a residence-based system with internationally competitive terms for temporary residents.
This shift presents a valuable opportunity for Cyprus to position itself as a leading alternative for high-net-worth individuals, bolstering its economy and international standing.
The conference will conclude with a networking brunch, providing attendees with a chance to exchange ideas and explore new collaborations.
