An individual is considered to be tax resident in Cyprus if a physically presence in Cyprus is established for an aggregate period exceeding 183 days in a tax year.
Tax resident individuals are liable to tax in Cyprus on their worldwide income, from all sources within and outside Cyprus, whereas for non-tax resident individuals, tax is levied on income accruing or arising from sources in Cyprus only.
There are specific types of income which are exempt for tax purposes as well as allowances and deductions that decrease the personal income tax.
The following income tax rates apply to physical persons for the:
tax year 2011 and therefore
|
Taxable |
Tax |
Amount |
Cumulative income tax |
|
€ |
% |
€ |
€ |
|
Up to 19.500 |
0 |
0 |
0 |
|
19.501 - 28.000 |
20 |
1.700 |
1.700 |
|
28.001 - 36.300 |
25 |
2.075 |
3.775 |
|
36.301 - 60.000 |
30 |
7.110 |
10.885 |
|
60.001 and above |
35 |
|
|
· tax years 2008 to 2010
|
Taxable |
Tax |
Amount |
Cumulative income tax |
|
€ |
% |
€ |
€ |
|
Up to 19.500 |
0 |
0 |
0 |
|
19.501 - 28.000 |
20 |
1.700 |
1.700 |
|
28.001 - 36.300 |
25 |
2.075 |
3.775 |
|
36.301 and above |
30 |
|
|
Notes
For further details on these issues, please do not hesitate to contact us.
