Other Beneficial Features of the Cyprus Tax System for Individuals

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Income Tax Reduction for New Residents in Cyprus
Individuals who were not previously resident in Cyprus, take up residence in Cyprus for work purposes, and earn over €55,000 per annum, are entitled to the following tax benefit:

50% of employment income earned in Cyprus is exempt from income tax for a period of 17 years.
For reference, Cyprus’ standard income tax rates are:

€0 to €19,500: 0%
€19,501to €28,000: 20%
€28,001to €36,300: 25%
€36,301to €60,000: 30%
Greater than €60,000: 35%
Low Tax Rate: Foreign Pensions
The first €3,420 of a pension, from employment outside Cyprus, is tax free and individuals kenya mobile database can elect to pay only 5% income tax on pension income in excess of this amount.

The Definition of Tax Residence and Non-Domicile Status
An Individual is considered tax resident, if they spend more than 183 days in Cyprus in any one calendar year. Under certain criteria individuals can become tax resident in Cyprus in 60 days.