Immigration: Relocation
Tax Relief
- Tax relief for highly paid individuals employed in Cyprus: Individuals employed in Cyprus with annual income above € 55,000 who become Cyprus tax residents benefit from a 50% tax exemption on salary for a 17-year period. The tax relief only applies to the first employment of the individual and if the individual was not employed in Cyprus during the 15 previous years.
- Tax relief for individuals employed in Cyprus: Individuals employed in Cyprus with annual income below € 55,000 who become Cyprus tax residents benefit from a 20% tax exemption on salary for a 7-year period. The tax relief only applies to the first employment of the individual and if the individual was not employed in Cyprus during the 3 previous years.
- Tax relief for employment income earned abroad: Individuals who are Cyprus tax residents and provide services outside Cyprus for more than 90 days annually to a non-Cyprus resident employer or a foreign permanent establishment of a Cyprus resident employer benefit from 100% exemption on the income received from such services.
- Tax relief for pension: Individuals receiving a pension related to past employment provided abroad are taxed 5% on the pension of more than € 3,420.
- Tax exemption on life insurance & approved funds: Individuals benefit from total tax exemption on any lump sum repayment related to life insurance or approved funds.
- Low social security contribution: Social Security contribution is at 7, 8% on the employee’s gross income with a maximum annual salary of € 54,396.
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indianos@indianos.com.cy
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Diagorou 4, Kermia Building, Office 204, 1097 Nicosia, Cyprus
Working hours:
Mon - Thu: 8:30 am - 6 pm
Fri: 8:30 am – 2:30 pm