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Information about Tax in Cyprus

In general, the approach to tax in Cyprus can be summed up as operating on a sliding scale. That is to say, the more you earn, or the more your property is worth, the more you end up paying.

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On the whole, Tax in Cyprus is a lot less traumatic than in the UK

 
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Information about Cyprus

Unlike Her Majesty's Inland Revenue Service, the Cypriot Ministry of Finance tends not to be quite so demanding of local taxpayers. In fact, it's a little known piece of information that the Republic of Cyprus boasts the second 'friendliest' tax climate in the European Union.

In this section we give you some detailed information about Cypriot taxation. This data is updated monthly, and is up to date as of the 20th of April 2010.

 

Main Tax in Cyprus Page
Cyprus Property Tax
Cyprus Income Tax
Cyprus Capital Gains Tax
Cyprus V.A.T.
Cyprus Corporation Tax
Tax Glossary

A short summary of personal taxes in the Republic of Cyprus

The base-rate of income tax in Cyprus runs at 20%, while the super-tax rate stands at just 30%. Unlike the UK, where you are taxed after earning just £6,475, residents of the Republic are entitled to earn up to €19,500 before they owe a penny to the Inland Revenue Department of Cyprus. VAT is also lower, and currently stands at 15%, unless you're buying books, chocolate, bottled water, etc. (5%) or beer, wine, restaurant meals, etc. (8%).

Where Council Tax is concerned, the average bill in the United Kingdom now stands at a staggering £1,500 per year. Cypriots, however, pay an average of €120, plus about €90 to €140 in Refuse Taxes. Capital Gains tax has been set at 20%, though there is a wide variety of allowances available if one knows the system, while corporations pay just 10%.

Since becoming a full European Union member back in 2004, the Republic's favourable system of taxation has also attracted an ever increasing number of professionals, entrepreneurs, and corporations from both Europe, and the Middle East. Indeed, an increasing number of high earners now see Cyprus as the perfect base.

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Click below for more detailed information about specific aspects of tax in Cyprus

Cyprus Property Tax Information

Cyprus Property Tax
This topic caused quite a stir during the first few months of 2010, as the government is changing property tax rates and limits. As yet, however, even they don't seem to know what this actually means.
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Cyprus Income Tax Information

Cyprus Income Tax
Cypriot property sites are quick to tell you how much you can earn before you have to pay income tax, and how low the rates are. However, nobody tends to mention the high social insurance contributions.
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Information about Cyprus Capital Gains Tax

Cyprus Capital Gains Tax
In the Republic of Cyprus, the capital gains tax rate is slightly higher than in the United Kingdom. With that said, Cypriot tax laws also provide for a greater number of exemptions and rebates.
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Cyprus Property Tax Information

Cyprus Corporation Tax
At just 10%, the Republic's low corporate tax rate has attracted a great many businesses to Cyprus. Indeed, the island is becoming an increasingly popular base for companies with Middle Eastern interests.
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Information about Cyprus VAT

Cyprus VAT
The standard rate of Value Added Tax in Cyprus currently stands at 15% for goods and real estate. There are a couple of other reduced rates in operation too, depending on what you happen to be buying.
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Tax Definitions Glossary

Tax Glossary
Bearing in mind that Cypriot tax laws are formulated in Greek, and then translated into English, the terminology can get a little confusing at times. We've provided a glossary to help you see through the fog.
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We tell you what others don't.

As a British national, dealing with the Cypriot Inland Revenue Department can be a frustrating experience at times. Aside from being typically bureaucratic, some of the frontline staff can be more than a little obstinate and stand-offish at times when dealing with foreigners.

The difficulties are compounded by the fact that all literature and forms relating to tax in Cyprus tend to be written in Greek, and that I.R.D. staff are not as a general rule too forthcoming in helping you with them.

If you're serious about living and working in the Republic of Cyprus, then getting yourself a decent local accountant really can pay huge dividends. He or she will not only be able to safely steer you through the sea of paperwork, but will also make you aware of any rebates and/or allowances available to you in any given situation.

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We make sure you're safe, satisfied and informed.

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What about North Cyprus?

By and large, most Cyprus property sales websites will go to great lengths when telling you about the pitfalls associated with buying North Cyprus Homes.

But as is usually the case, things aren't as simple as some people would have you believe. And despite the fact that there are undoubtedly a few risks associated with purchasing real estate in the TRNC, many of the homes available on the market there are nevertheless legitimate sales.

Contrary to what some agents would have you believe, not all properties on offer up north used to belong to Greek Cypriots.
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Disclaimer. Please note that the tax information given on this website is displayed for guidance purposes only. It does not replace the need for professional advice by a qualified accountant.. E&OE

 

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