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Cyprus Ultimate Beneficial Owners Register

Cyprus Ultimate Beneficial Owners Register – Latest Update

The Cyprus Registrar of Companies has announced that all Cyprus registered entities are obligated to verify the particulars of their (UBOs) in the Beneficial Owners Register by 31^st December 2024, in order to comply with regulatory requirements.

This verification process is applicable to companies incorporated / registered under the Companies Law, Cap. 113 and European Public Limited Companies (SEs), and Cooperatives, and will be conducted from 1^st October to 31^st December 2024.

Any alterations or revisions to the details of the Beneficial Owners that have taken place from 1^st October 2024 to 31^st December 2024 must be finalized before verifying the Beneficial Owners’ details.

Failing to amend the Beneficial Owners’ details within this period will incur a €200 penalty initially and an extra €100 for each day of delay thereafter, up to a maximum penalty of €20,000. Both the company and its executives will be subject to these penalties, irrespective of any potential criminal responsibility or litigation.

Kindly note the importance of promptly informing us about any amendments to the UBOs’ particulars so that we can execute this necessary task within the specified timeframe for all companies under our management to prevent incurring penalties.

The Cyprus Digital Nomad Visa Scheme

What is the Cyprus Digital Nomad Visa Scheme?

The Cyprus Digital Nomad Visa Scheme is an appealing scheme for citizens from non-EU and non-EEA countries to conduct their work remotely while enjoying the many advantages of living in Cyprus.

A digital nomad is a person who works for companies registered abroad and performs his/her job remotely using digital technology. During the last few years both employers and employees have shown a marked increase in interest for this type of remote working.

By offering a temporary residence permit, this scheme lets nomads carry out their jobs remotely for companies that are based elsewhere than Cyprus.

The aim of the Cyprus Digital Nomad Visa Scheme is to attract digital nomads to Cyprus to boost the island’s technological sector with the ultimate aim of boosting Cyprus’s economy. This scheme, that attracts talented entrepreneurs and digital workers will help to establish the island as a leader in the provision of electronic services.

In the past, only 100 temporary residency permits were issued under this program, but now the limit for applications has increased to 500.

Who is eligible for a Cyprus Digital Nomad Visa?

Nationals from non-EU and non-EEA countries can apply for the Cyprus Digital Nomad Visa. The applicant must:

• be able to carry out his/her work remotely via telecommunications technology;
• be an employee of a company that is registered abroad or be self-employed, providing services to clients located abroad;
• be able to provide proof of sufficient and stable income to support his/her living expenses in Cyprus (at least €3,500 monthly net income);

Application process for the Cyprus Digital Nomad Visa

The application process is quite transparent, with step-by-step instructions that are easy to understand as well as transparent eligibility criteria. The applicant must submit his/her application to the Civil Registry and Migration Department in Nicosia, together with the necessary documents (see below the complete list of documents required).

The application process is set out below:

1. Travel to Cyprus with a tourist visa (where applicable);
2. Complete and submit the application forms;
3. Within 3 months from your arrival in Cyprus your application, together with the required documents, must be submitted to the Civil Registry and Migration Department in Nicosia;
4. If the applicant legally resides in the Republic of Cyprus under another status, he/she can also submit an application for a residence permit as a digital nomad;
5. Pay the visa fee of €70 and the fee for the registration to the Aliens’ Registry (for initial registration only ie not for renewals) – also €70;
6. Biometric data (photograph and fingerprints), plus the signature of the applicant are necessary during the submission process;
7. The application processing time is from five to seven weeks;
8. Once approved, the residence permit is granted to the applicant and is valid for 1 year with the possibility of renewal for another 2 years;

The renewal process:

1. Digital nomads must apply to the Civil Registry and Migration Department at least one month before the expiration date of the residence permit for renewal;
2. They must pay the fees for the renewal;
3. Biometric data (photograph and fingerprints), plus the signature of the applicant are necessary during the submission process;
4. Once approved, the renewed residence permit is granted to the applicant and is valid for a maximum of 2 years;

Documents required for the Cyprus Digital Nomad Visa

• Cyprus Digital Nomad Visa application form;
• Valid passport – the applicant’s passport must have a validity of at least 3 months;
• Copy of passport  – or other travel documents showing the applicant’s last entry in Cyprus; 
• 2 passport-sized coloured photos – the photos must have a white background;
• Original clean criminal record certificate;
• Proof of accommodation – for example, a rental contract (duly stamped for over €5000), a lease or a hotel booking;
• Evidence of monthly financial resources – at least €3500 – you can provide a six month bank statement. Monthly income requirements are higher if the applicant has family members living with him.  Note: you will not be able provide evidence on the basis of savings only;
• CV/resume – your latest one;
• Employment contract – for applicants that are already employed – stating clearly the applicant’s position within the company;
• Employer’s confirmation letter – stating that the applicant can perform his/her duties remotely in Cyprus;
• Company registration certificate – a copy is required showing that the company was registered abroad;
• Health insurance – a valid health insurance covering inpatient/outpatient health care plus repatriation expenses;
• Blood analysis – original results showing that the applicant does not have some specified diseases, duly certified by a doctor;
• Letter of intent – saying what activities will be performed in Cyprus and why you wish to work from Cyprus;
• A written confirmation – if the applicant has dependents, a letter stating that the dependents will not provide services to Cyprus based employers;

Self-employed applicants must provide:

• Relevant contracts for services/projects;
• Written confirmation from the applicant that he/she can perform duties remotely and that he/she will not provide services to Cyprus based employers;

Attractive Tax Incentives

• Digital nomads in Cyprus can enjoy tax free income until their 183^rd day of stay.  After 183 days working as a digital nomad in the same calendar year, the individual is considered to be a Cyprus tax resident provided that he/she is not a tax resident of another country;
• 50% of an individual’s remuneration, starting from 1^st January 2022, that exceeds €55,000, is exempt from tax for the individual’s first employment in Cyprus for individuals that were not Cyprus residents for a period of 15 continuous tax years prior to the beginning of their employment in Cyprus.  It should be noted here that “first employment” means that an individual did not receive salaries (including salaries for temporary employment) in Cyprus for a Cypriot or foreign employer for a period of 15 years prior to the individual’s employment in Cyprus. The exemption applies once in the individual’s lifetime and extends for a period of 17 years;
• Note: individuals whose employment started before 1^st January 2022, may be eligible to claim the exemption A or B, subject to some conditions;
• 20% of an individual’s remuneration (with the maximum amount of remuneration being €8550 per annum) for first employments in Cyprus starting after 26^th July 2022, is exempt from tax for individuals who, before the start of their employment in Cyprus, were not Cyprus residents for a period of 3 continuous tax years and were employed overseas by a non-resident employer.  The exemption applies for a period of 7 years, commencing from the tax year after the tax year of the start of the employment.  An individual who is granted the 50% exemption is not eligible for this tax exemption;
  • (A) For employment from 1^st January 2022 until 29^th June 2023, the individual may be eligible to claim 50% tax exemption, subject to similar conditions, if they were non-tax residents of Cyprus prior to the start of their first employment for a period of 10 years (instead of 15 years).  It is noted here that “first employment” means employment in Cyprus at any time, not 15 years prior to the start of employment. Some other differences also apply in this case;
  • (B) The exemptions are not applicable for employment starting after 26^th July 2022, although eligible persons may claim the exemption from this date onwards for the remaining period.  In the past a 20% and 50% tax exemption was available for 5 or 10 years respectively and were subject to different conditions;

Other advantages of working as a Digital Nomad in Cyprus

Digital Nomads working in Cyprus can enjoy the below additional benefits:

• Reasonable cost of living – if we compare the cost of living with other countries;
• Idyllic Mediterranean location and weather – you can enjoy the sunny climate, rich history, beautiful beaches, wonderful cuisine, relaxed lifestyle and lively culture that Cyprus has to offer;
• Safety – Cyprus is one of the safest countries to live in in the EU, with a low crime rate in comparison to other countries;
• The right to reside in Cyprus for up to one year – with the possibility of renewal for another 2 years – ie a total of 3 years;
• The Cyprus Digital Nomad Visa Scheme is family friendly – family members can be granted resident permits for the same duration as per the Digital Nomad;
• Very cheap visa fees compared with other countries – the cost of the visa is only €70;
• High quality internet; – CYTA was named the Fastest Mobile Network by the independent company Ookla®, a world leader in internet testing and analysis

The Cyprus Digital Nomads Scheme and tax advantages

It is important to note here that Cyprus has one of the most attractive tax systems in Europe.

As mentioned above, you become a tax resident after spending 183 days in Cyprus and tax will therefore be imposed accordingly. In Cyprus, personal income rates range from 0% to 35% depending on level of income.

Registering with the Cyprus Tax Department is necessary and filing an annual return is a requirement too. Getting advice from someone who knows their way around taxes here—like an accountant or a professional—is smart because they’ll help ensure that everything is done correctly while also pointing out any deductions or exemptions you could use.

Cyprus offers several tax breaks as well as exemptions for expats. Furthermore Cyprus has many double-tax treaties to avoid being taxed twice on your income.

Family members of Digital Nomads

• Digital Nomads’ family members (spouse, partner, under aged children) are permitted to live in Cyprus for the same period as the digital nomad;
• Family members are not, however permitted to work in Cyprus;
• The same application procedure is used (as described above for digital nomads) to obtain a temporary residence permit for family members;

Conclusion

To wrap things up, the Cyprus Digital Nomad Residence Visa provides a great way for individuals who work online to live and work in the beautiful Mediterranean island of Cyprus. 

Thanks to its special visa tailored for digital nomads and plenty of chances for engaging in economic activities, more and more remote workers are seeing Cyprus as their ideal spot.

Kick off your adventure combining work with fun against the stunning backdrop of Cyprus today!

Our Cyprus Operations

Our fully licensed network firm in Cyprus, AK Kotsomitis Accountancy and Tax Ltd is regulated by the Professional Regulatory Authorities (ICPAC) and is licensed to carry out accounting, audit and tax services.

Ilcom Ltd is a group subsidiary operating since 2003. It is licensed by CySEC (The Cyprus Securities and Exchange Commission). Ilcom Ltd is a leading Cyprus trust and corporate services provider offering a full scope of services including incorporation / registration of all legal entity types.

Please check out our Cyprus member firm website www.fbscyprus.com and contact us if this is of interest to you. 

You may also want to check out our UAE network firm website www.fbsemirates.com.

Or our Malta network firm website www.fbsmalta.com to see if their services are of interest to you.

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Abolition of the Annual Levy for Companies in Cyprus

Abolition of the Annual Levy for Companies in Cyprus

One of the targeted supportive measures recently announced by the Government of Cyprus is the abolition of the annual levy on companies.

The abolition of the mandatory annual levy of €350, that was payable by all companies registered at the Cyprus Registrar of Companies, is applicable from 2024 onwards.

The move is one of the measures aimed at facilitating economic expansion and attracting increased foreign investment, thus encouraging both local as well as international businesses to establish and operate their companies in Cyprus.  As well as reducing operating costs for enterprises, it supports the decision to streamline administrative processes.

This move is part of a broader package of economic measures aimed at boosting the attractiveness of Cyprus’ business environment and enhancing Cyprus’ global competitiveness.

It is worth noting that the annual levy, payable by all companies registered in Cyprus, was first introduced back in 2011 and was a mandatory measure intended for fiscal consolidation.

Companies incorporated during or prior to 2023 that have not yet paid the annual levy must execute this payment, plus applicable penalties. The companies that have already paid the annual levy for the year 2024 will receive a refund.

By implementing such measures and supporting the interests of enterprises, Cyprus maintains its position as a dynamic and modern business hub with favourable, attractive conditions for entrepreneurship and investment.

Our Cyprus Operations

Our fully licensed network firm in Cyprus, AK Kotsomitis Accountancy and Tax Ltd is regulated by the Professional Regulatory Authorities (ICPAC) and is licensed to carry out accounting, audit and tax services.

Ilcom Ltd is a group subsidiary operating since 2003. It is licensed by CySEC (The Cyprus Securities and Exchange Commission). Ilcom Ltd is a leading Cyprus trust and corporate services provider offering a full scope of services including incorporation / registration of all legal entity types.

Please check out our Cyprus member firm website www.fbscyprus.com and contact us if this is of interest to you. 

You may also want to check out our UAE network firm website www.fbsemirates.com.

Or our Malta network firm website www.fbsmalta.com to see if their services are of interest to you.

Cyprus has Issued New Tax Circular for Tax Residency in Cyprus

Cyprus has Issued New Tax Circular for Tax Residency in Cyprus

March 2017

The Cyprus Tax Authority’s new tax circular on the issuing of Tax Residency Certificates is expected to increase the demand and interest of investors and other parties for tax residency in Cyprus, Cyprus company formations and investments in Cyprus.

The circular, which was issued on the 10th of March 2017, states that a person wishing to become a tax resident of Cyprus can apply and get a Tax Residency Certificate at any time during a tax year even though he/she has not completed 183 days in the Republic of Cyprus within the current tax year.

The Tax Residency Certificate will be issued to a person as long as he/she registers with the Tax Department, obtains a Tax Identification number and submits a declaration signed by him/her stating that he/she intends to stay in Cyprus for one or more periods exceeding in aggregate 183 days in the tax year.

This is a very attractivetool for investors and other interested parties because they will be able to obtain Cyprus Tax Residency and immediately get a Tax Residency Certificate that will allow them to benefit from the tax treaties agreed by Cyprus at the time they receive income without being subject to any withholding of tax at source.  In addition they will enjoy all the other benefits that the Cyprus tax system has to offer.  With this procedure they will also have flexibility with how to plan their stay on the island so as to meet the 183 days requirement.

Becoming a tax resident of Cyprus has many benefits both for individual investors as well as for their companies if they choose to transfer them to Cyprus or proceed with the formation of a new company in Cyprus.

Contact Us NOW to Start the Process

Cyprus has an attractive and transparent tax regime, is fully compliant with EU, OECD and international laws and regulations. Cyprus provides access to an extensive network of more than 60 Double Tax Treaties while maintaining a corporate tax rate of 12.5%, which is one of the lowest in the EU.  Cyprus is an attractive place for international investors to invest, to set up their business or form a new company that will grow and prosper.

Some of the main features of the Cyprus tax system:

• Dividend participation exemption
• Profits from the trading and disposal of securities (e.g. shares, bonds, debentures) are tax exempt
• No succession taxes
• No withholding taxes
• Individuals who take up residence in Cyprus can apply for non-domicile status which offers significant tax advantages
• No tax on worldwide dividends and interest income for a period of 17 years for non-domiciled individuals
• 50% exemption on income from employment in Cyprus for a person who was not previously resident in Cyprus. The exemption applies for ten years, if the income from employment in Cyprus exceeds €100.000 per annum.
• 20% exemption with a maximum amount of €8.550 annually on income from employment in Cyprus of a person who was not previously resident in Cyprus. For employments commencing during or after 2012, the exemption applies for a period of 5 years starting from the tax year following the year of commencement of the employment with the last eligible tax year being 2020.
• Low social insurance contributions (7.8% of gross salary) – total employer contributions to various funds amount to 11.5% of gross salaries and total employee contributions to 7.8%.
• Tonnage Tax for shipping companies
• Attractive IP regime
• Notional interest deduction scheme

Contact one of our officers NOW to get more information about the procedure to obtain Cyprus Tax Residency and a Tax Residency Certificate, the benefits of the Cyprus Tax system or to initiate the incorporation of a Cyprus registered company and start reaping the full benefits of an onshore, low-tax, EU jurisdiction.

Simply fill in the contact box below or contact us by email on enquiries@fbscyprus.com

Piraeus Bank Cyprus Changed its Name and Brand to AstroBank

Piraeus Bank Cyprus Changed its Name and Brand to AstroBank

March 2017

Piraeus Bank Cyprus, at a special event held on 29 March 2017 and in the presence of Minister of Finance Harris Georgiades, unveiled its new name and brand ……AstroBank.

Piraeus Bank Cyprus was acquired last December by new international investors led by Mr. Maurice Sehnaoui, a Lebanese banker with strong international exposure. This move shows great confidence in the Bank itself but also in Cyprus, its economy and its friendly business environment. An environment that other international investors can also invest in, move their businesses to or form new companies to benefit from the tax and other significant advantages that Cyprus offers.

Contact Us NOW to start the Cyprus Company Set Up Process

Our Group has been doing business with Piraeus Bank Cyprus for many years for the opening of both personal and corporate bank accounts for our international clientele.  During these years, Piraeus Bank has proved to be one of Cyprus’ most stable and strongest banks, especially during the recent economic crisis. With this move the new investors and owners will transform the bank into Cyprus’ newest, most dynamic player in the local banking scene. The new team will bring to the bank more international experience to enhance the local knowhow and lead the bank forward with a more dynamic growth.

This move will benefit our existing clientele that already use the bank even more as the bank will be in a position to offer them more competitive products and services to meet their financial needs. Furthermore, this move is a sign for new investors and parties to trust Cyprus, its economy and its banking system and to move their businesses or set up new companies for their international operations and take advantage of the many tax and other benefits that Cyprus offers.

Contact one of our officers NOW to initiate the incorporation of a Cyprus registered company at the price of ONLY 950 EURO and start reaping the full benefits of an onshore, low-tax, EU jurisdiction. Simply fill in the contact box below or contact us by email on enquiries@fbscyprus.com

Cyprus “Non-Dom” Status Boosts Cyprus Company Formations

Cyprus “Non-Dom” Status Boosts Cyprus Company Formations

April 2017

The new status of a physical person, enacted in Cyprus by the Law 119(I)/2015, as “tax resident but non-domiciled” has already boosted the interest of foreign investors  to permanently reside in Cyprus, invest in Cyprus, incorporate a Cyprus Company and enjoy the benefits that the island of Cyprus has to offer.

The Law, which was enacted on 16/07/2015, gives significant advantages to foreign investors in contrast with what was in force before.

What was in force before the new legislation for individuals?

•  A non-tax resident physical person had no obligation to pay Special Defence Contribution (SDC is a tax imposed on income from dividends, interest and rentals earned from both Cyprus and worldwide sources)
• A tax resident physical person had the obligation to pay Special Defence Contribution on income from dividends, interest and rentals earned from both Cyprus and worldwide sources.

What is in force following the new legislation for individuals?

• A non-tax resident physical person still has no obligation to pay as before
• A tax resident physical person has the obligation to pay BUT ONLY if he/she has his/her domicile in Cyprus.

Most foreign investors who were born and live outside Cyprus can qualify for the Non-Dom status. Therefore, by becoming a tax resident of Cyprus, but non-domiciled, you can enjoy tax free dividends, interest and rental income on a personal basis for the next 17 years. If the above is combined with a Cyprus company formation and by doing business worldwide through this Cyprus Company, an investor can enjoy 12.5% total tax, both on a company and on a personal level.

Contact one of our officers NOW to get more information about the procedure to obtain the Non-Dom status, to initiate the incorporation of a Cyprus company and to enjoy the benefits of an EU company, residing in one of the safest destinations in Europe with zero personal tax.

Simply fill in the contact box below or contact us by email on enquiries@fbscyprus.com

Cyprus Company Formations to Rise with Latest Double Tax Treaty Network Update

Cyprus Company Formations to Rise with Latest Double Tax Treaty

July 2017

Cyprus has significantly expanded its double tax treaty network over the past 3 to 4 years and there are continuous efforts to increase it even more.

Its network now consists of 57 countries, a very significant amount for the island of Cyprus.

Cyprus’ Tax Treaty partners today are shown below:

In addition, on 8th May 2017, Cyprus and Luxembourg signed an income and capital tax treaty that is expected to come into force as from 1st January 2018 upon ratification by both parties. Cyprus has also negotiated and agreed double tax treaties with Monaco, Oman and Barbados (only the signing of these is pending).

Cyprus is currently negotiating the signing of double tax treaties with Netherlands, Sri Lanka, Israel, Jordan, Malaysia, Panama and Vietnam. In addition, it will soon start negotiations with Kazakhstan, Tajikistan, Nigeria and Pakistan.

Given the above, individuals and investors can choose Cyprus to set up their companies and take advantage of this extensive network of double tax treaties as well as the many other tax advantages that Cyprus offers.

Contact Us NOW to Start the Cyprus Company Set Up Process

Tax treaties in Cyprus and most countries legally supersede local tax legislation and, for this reason, they are a useful tax-planning tool to protect businesses and individuals against double taxation of income earned in other countries.

Many of the tax treaties that Cyprus has signed eliminate or significantly reduce the withholding tax on dividends, interest and royalties. In addition, some of them do not include the clause that gains from the alienation of shares in property-rich companies are taxed in the State where the property is situated. Therefore, any gains arising from the alienation of shares in such companies will be taxed only in the state where the alienator is situated. If the alienator is a Cyprus company, the gains from the sale of such shares are exempt from taxation in Cyprus.

Other features of the Cyprus tax system:

• 12.5% corporate tax rate
• Dividend participation exemption
• Profits from the trading and disposal of securities (e.g. shares, bonds, debentures) are tax exempt
• No succession taxes
• No withholding taxes
• Individuals who take up residence in Cyprus can apply for non-domicile status which offers significant tax advantages
• No tax on worldwide dividends and interest income for a period of 17 years for non-domiciled individuals
• 50% exemption on income from employment in Cyprus for a person who was not previously resident in Cyprus. The exemption applies for ten years, if the income from employment in Cyprus exceeds €100.000 per annum.
• 20% exemption with a maximum amount of €8.550 annually on income from employment in Cyprus of a person who was not previously resident in Cyprus. For employments commencing during or after 2012, the exemption applies for a period of 5 years starting from the tax year following the year of commencement of the employment with the last eligible tax year being 2020.
• Low social insurance contributions (7.8% of gross salary) – total employer contributions to various funds amount to 11.5% of gross salaries and total employee contributions to 7.8%.
• Tonnage Tax for shipping companies
• Attractive IP regime
• Notional interest deduction scheme

Contact one of our officers NOW to get more detailed information about the double tax treaties and their uses, the benefits of the Cyprus Tax system or to initiate the incorporation of a Cyprus registered company and start reaping the full benefits of an onshore, low-tax, EU jurisdiction.

Simply fill in the contact box below or contact us by email on enquiries@fbscyprus.com

Cyprus Tax Residence Status by Staying in Cyprus for 60 Days a Year

Cyprus Tax Residence

The Parliament of Cyprus has unanimously approved a bill that amends the rules for determining how an individual can acquire Cyprus Tax Residency.

The new Cyprus Tax Residency law is expected to strongly increase the demand and interest of investors and other parties for tax residency in Cyprus, Cyprus company formations and investments in Cyprus.

Click Here to Speak to One of Our Professionals about Cyprus Company Formation and Cyprus Tax Residence

The Income Tax Law is effectively amended so that an individual, who does not remain in any other country for a period or periods exceeding 183 days in the same tax year and who is not a tax resident in any other country for the same tax year, is considered to be a tax resident of Cyprus, provided that he / she satisfies the following:

• He / she remains in Cyprus for at least 60 days during the tax year.
• He / she conducts any business in Cyprus and / or is employed in Cyprus and / or is a director in a company that is tax resident in Cyprus at any time during the tax year.
• He / she maintains a permanent residence in Cyprus, which can be owned or rented by the individual.

Contact Us for More Information or Further Explanation

Click Here for More Detail on the Cyprus Citizenship by Investment Program

It is important to note that, under the 60 days Tax Residency Scheme, the individual will not be considered as Tax Resident of Cyprus if, in that year, the conducting of a business and / or employment in Cyprus and / or the holding of a directorship in Cyprus have been terminated.

For the purposes of calculating the days of stay in Cyprus please note that:

• The day of departure from Cyprus is considered as one day outside Cyprus.
• The day of arrival in Cyprus is considered as one day in Cyprus.
• Arrival in Cyprus and departure from Cyprus on the same day is counted as one day in Cyprus.
• Departure from Cyprus and return to Cyprus on the same day is counted as one day outside Cyprus.

Thus, under the new provisions, an incentive is given to an individual who is not a tax resident in any other country for the same tax year to transfer his tax residence to Cyprus and be taxed only on income from the activities the individual exercises in Cyprus.

Find Out if You Should Become a Cyprus Tax Resident – Get in Touch

What are the Benefits for an Individual who Acquires Cyprus Tax Residency?

There are many benefits for an individual who acquires Cyprus Tax Residency, some of the most important ones being:

• If the individual is considered as non-domiciled then he will be granted an exemption from income tax and special defense contribution tax on dividends and interest received either in Cyprus or abroad for the next 17 years.

Please Click Here for More Details for the Non-Domicile Status

• 50% exemption on income from employment in Cyprus for a person who was not previously resident in Cyprus. The exemption applies for ten years if the income from employment in Cyprus exceeds €100.000 per annum.
• 20% exemption with a maximum amount of €8.550 annually on income from employment in Cyprus of a person who was not previously resident in Cyprus. For employments commencing during or after 2012, the exemption applies for a period of 5 years starting from the tax year following the year of commencement of the employment with the last eligible tax year being 2020.
• Low social insurance contributions (7.8% of gross salary) – total employer contributions to various funds amount to 11.5% of gross salaries and total employee contributions to 7.8%.
• Profits from the trading and disposal of securities (e.g. shares, bonds, debentures) are tax exempt
• No succession taxes
• No withholding taxes

There are additional advantages that a Cyprus Tax Resident individual can enjoy:

• The individual and his / her family can take advantage of an excellent quality of life
• Cyprus (the “Jewel” of the Mediterranean) has one of the best climates in the world – guaranteed sunshine for most of the year with mild winters
• Beautiful, unique natural scenery
• Some of the best beaches in the world
• Modern airports and seaports
• Modern roads
• Good supply of quality housing
• Relatively low cost of living
• Low taxation
• Superb dining
• Rich cultural, historical and archeological heritage
• Friendly and warm Cypriot people
• Huge percentage of Cypriot people speak English
• Modern shopping malls, water parks, world-class hotels, spas, fine dining, cafes, modern hospitals, excellent schools and more
• Low crime rate
• A more relaxed pace of life