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Individuals Tax Rates

An individual is considered to be resident if he is present in the Republic for a period exceeding 183 days in a tax year.

Tax resident individuals are taxed in Cyprus on their worldwide income.

Non-resident individuals are taxed in Cyprus only on their income arising or accruing in Cyprus.

TAX RATES

Taxable Income € Tax Rate %
0-19,500 0
19,501 – 28,000 20
28,001 – 36,300 25
36,301 – 60,000 30
60,001 and over 35 (this rate is applicable as from the year 2011 onwards)

 

If the income from employment exceeds €100.000 per annum, a 50% deduction is allowed for such income for the first 5 years of employment. This deduction is given both to Cypriots and non-Cypriots only in case where prior to their employment in Cyprus the individual was not a Cyprus tax resident.