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.
|Taxable Income €||Tax Rate %|
|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 the case where prior to their employment in Cyprus the individual was not a Cyprus tax resident.