On 11th day of May 2022, the Council of Ministers in Cyprus approved more attractive tax regime legislation for high standard of living Foreigners and Cypriots who live in abroad and they are high skilled workers.
Existing Employees:
- 50% deduction on remuneration from employment earning at least EUR 55,000 per annum, exercised in Cyprus by an individual already in Cyprus provided that prior to the commencement of employment in Cyprus was in abroad for 12 consecutive years.
- Grace period 6 months (the benefit will be given for the residual period) for obtaining the benefit.
- The tax exemption will continue to apply instead of 10 years which is applied until today for 17 years from the commencement of employment.
New Employees:
- 50% deduction on remuneration from employment exercised in Cyprus by an individual who was in abroad for 12 consecutive years. The eligible person should earn at least EUR 55,000 per annum.
- Grace period 2 years (the benefit will be given for the residual period) for obtaining the benefit.
- The tax exemption will be provided for 17 years (from the commencement of employment).
For further information please contact Theo Antoniou: theo.antoniou@ctalaw.net or Christiana Antoniou: christiana.antoniou@ctalaw.net
