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Personal income tax rates

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 
income

Tax
 rate

Amount 
of tax

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
income

Tax 
rate

Amount 
of tax

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

·        Foreign tax paid can be credited against the personal income tax liability irrespective of the existence of a double tax treaty with the foreign country.
·        Foreign pension is tax free up to the first €3.420 annually and is thereafter taxed at a flat rate of 5%. The taxpayer can however elect to be taxed at the normal tax rates and bands as set out above. This is a choice which may be made year-on-year.

For further details on these issues, please do not hesitate to contact us.

 

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16, Annis Komninis, P.O.Box 21480,    1060, Nicosia, Cyprus info@aggeorghiou.com.cy
Tel:+357-22769100  
Fax:+357-22769101

 

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