Tax Incentives For Foreigners Approved By The Cyprus Parliament
/The bill, presented by the Ministry of Finance, aims to maintain the attractiveness of Cyprus as well as to attract employees through the creation of real infrastructure and investments.
With the passed law, amendments were made to the Income Tax Law to extend for another five years (until 2025) the existing tax exemption system for employees who were not tax residents of Cyprus in the year prior to their employment. In addition, a provision was added to ensure that this provision applies for five years from the date of commencement of work.
That is if a foreigner was not a tax resident before starting to work in Cyprus, then when paying income tax, he is entitled to benefits in the amount of 20 percent (but not more than 8550 euros per year).
