Telecoms & Satellite Communications Guide Cyprus

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CyprusProfile Digital Series Telecoms & Satellite Communication Personal Income Tax BASIS OF TAXATION All Cyprus tax residents are taxed in Cyprus on all income accrued or derived from all sources in Cyprus and abroad such as employment income, rental income etc. (i.e. worldwide income). Individuals who are not tax residents of Cyprus are taxed on income accrued or derived from sources in Cyprus. An individual is tax resident in Cyprus if one of the following conditions are met: • he/she spends physically in Cyprus over 183 days during the relevant tax year, or; • he/she does not remain in any other state for one or more periods which altogether exceed 183 days in the same tax year and he/ she is not tax resident in any other state for the same tax year and all the following conditions are cumulatively met: • he/she should remain in Cyprus for at least 60 days during the tax year; • he/she should pursue any business in Cyprus and/or to work in Cyprus and/or to be a director in a company tax resident in Cyprus at any time during the tax year; • he/she should maintain a permanent residence in Cyprus, which can be either owned or rented by him/her PERSONAL TAX RATES The following income tax rates apply to individuals: Taxable Income TaxRate (%) Tax (€) Cumulative Tax (€) 0-19,500 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 over 35 TAX INCENTIVES FOR EXPATRIATE EMPLOYEES TAKING UP EMPLOYMENT IN CYPRUS: The individuals who were non-Cypriot tax residents prior to the commencement of their employment, but become Cypriot tax residents afterwards, are eligible for a 50% exemption from income tax if all the following conditions are met: • their remuneration from the employment exercised in Cyprus is over €100,000 per annum; and • they were not tax residents of Cyprus for any three out of the last five years prior to the commencement of their employment and they were not tax residents of Cyprus in the year preceding their employment 36
CYPRUS A Reliable International Business Centre • Strategic location at the crossroad of Europe, Asia and Africa • EU and Eurozone Member State • Low cost of doing business for high-quality professional services • Modern and transparent legal and regulatory framework • Extensive network of Double Tax Treaties • Attractive corporate tax environment • Strong business support services • Highly educated workforce • High quality of life under secure living conditions ts@meci.gov.cy www.meci.gov.cy
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Telecoms & Satellite Communications Guide Cyprus

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