Posts tagged cyprus
Now with offices in Cyprus
JT Accountants now have offices situated in Cyprus.
Cyprus – Taxation
On becoming a permanent resident of Cyprus, you should notify the local income tax authorities to enrol as a Cypriot taxpayer.
Any individual that resides in Cyprus for more than 183 days during the financial year is required to pay tax on any income generated within Cyprus or from overseas. Currently there are two tax schemes in operation, one for the employed and the other for the retired.
Retired persons benefit from favourable tax rates, with a ceiling of 5% on any income of €3,419 or above. In order to comply for this, retired people are unable to undertake any paid employment. Tax band rates for working taxpayers are more
Cyprus and Double Taxation Agreements with many Countries, Including the UK
No income tax is payable in Cyprus on other sources of income, including bank interest and dividends from shares, although they do incur a Cyprus Defence Levy tax of between 10% and 15% depending on the type of income more
Capital Gains Tax of 20% is payable on the sale of immovable property in Cyprus. No capital gains tax is payable on gains from investments subject to certain criteria.
Inheritance tax is currently abolished in Cyprus.