Taxation in Cyprus
Cyprus related forum posts
hi can anyone tell me who are the best people to approach for information on starting a business up in cyprus. e.g. solicitor, estate agent. ect. i run a business here but want to start one from scratch in cyprus, in the leisure side of things. thanks charlie
Total Posts: 6 Last post by aladjihassan
Wholesale/Distribution to Private retailers, a question on "culture" of how business is conducted between them
I am looking to distribute my own brand of Womenswear from Spain where I reside to carefully selected Boutiques & Clothing Shops in Cyprus. How is business conducted at a distributor/wholesale level to privately owned retail shops as far as finance & agreements are concerned? I will be visiting Cyprus early next year after making key appointments before my visit and would like information on t
Total Posts: 1 Last post by mistry
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 12 1/2%. 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%
Organisations that can assist with Taxation
Sovereign offers a range of advisory and support services to assist companies of all sizes to establish successful business operations in foreign markets
TBA & Associates is a UK Company, with representative offices in Cyprus, Portugal, Spain and United States, providing an array of services to international private clients, and companies undertaking major cross-border business operations. Our clients include major banking organizations, trust companies, law firms, accountants, tax advisors and other professional advisors located in Europe, USA and Asia.