CYPRUS

Cyprus operates on a progressive income tax system, with rates ranging from 0% to 35%

Capital gains tax is imposed on the disposal of immovable property in Cyprus, with rates varying depending on the type of asset. Principal private residence and agricultural land may be eligible for exemptions or reduced rates.

Cyprus boasts one of the lowest corporate tax rates in the European Union at 12.5%. This favourable corporate tax rate has attracted many businesses to establish a presence in Cyprus.

VAT in Cyprus applies to the supply of goods and services. The standard rate is 19%, with reduced rates of 5% and 9% for specific goods and services.

Cyprus abolished inheritance tax in 2000, making it an excellent destination for estate planning. Instead, it levies capital gains tax on the sale of inherited property.

Cyprus does not impose a wealth tax, making it attractive for individuals with significant assets.

Cyprus offers a “non-domiciled” status to residents who are not domiciled in Cyprus. This status can provide tax advantages, such as exemption from tax on dividends and interest income.

Navigating the tax system in Cyprus can be complex, but with the right guidance, you can make the most of the country’s tax advantages.

Our network of experts is here to provide you with comprehensive tax planning solutions, ensuring that your expat experience in Cyprus is both financially rewarding and stress-free.

Your pension is a cornerstone of your financial future and Cyprus offers various pension options for expatriates. We will help you navigate the Cyprus pension system, ensuring that your retirement funds are managed tax efficiently and in strict adherence to local tax regulations. Our team can help you explore the potential for reducing taxation on your pension income and the passing of pension funds to your heirs with potential tax advantages.

At Advice for Expats, we are here to guide you through the intricacies of expat pensions and retirement planning, ensuring that your golden years in Cyprus are filled with financial security and peace of mind.

Whilst non domiciled resident individuals are exempt of local inheritance tax you may still be considered UK domiciled for UK inheritance tax purposes. We will guide you through the nuances of inheritance tax and estate planning, ensuring that your legacy is protected and your loved ones are well taken care of.