Cyprus
Taxation in Cyprus
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Taxation in Cyprus
The taxation system in Cyprus is progressive, therefore the greater your income, the higher rate of income tax you are liable to pay. The individual tax rate in Cyprus is 20% - 30%. The corporate tax rate is 10%. Residents are liable to pay defence contribution for passive income, and the rates are 3%-15%, while non-residents are exempt.
You are considered a resident of Cyprus if you have established residence in the country for a minimum of 183 days during the calendar tax year or have a life that is centred in Cyprus, which you are able to prove. Tax is payable on worldwide income for residents of Cyprus and a foreign resident who is employed in Cyprus only pays tax on income earned in Cyprus.
Both the individual capital gains tax rate and capital gains tax for a corporation is 10%.
Cyprus Individual income tax rates:
0% on income between 0 and 19, 500
20% on income between 19, 501-28, 000
25% on income between 28, 001- 36, 300
30% on income between 36, 301 - 60,000
35% on 60,001 plus
VAT in Cyprus
VAT in Cyprus is 19% with a reduced rate on 5% - 9%