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VAT

With the entry of Cyprus to the EU, a statute was introduced in regards of VAT which put it at a rate of 15%.

Tax Advantages

Retirees who wish to reside in Cyprus will be taxed on their pensions from abroad at the rate of 5% per annum while an exception for the first 2.000 is granted.

Cyprus has a low rate of taxation in comparison to other European countries.  The following income tax rates apply to the individuals:

Chargeable Income (CYP)

Tax Rate (%)

Accumulated Tax (CYP)

0 - 10.000

-

-

10.001 - 15.000

20

1.000

15.001 - 20.000

25

2.250

over 20.000

30

-

 

 

 Double Taxation Agreements

 

Cyprus has Double Taxation treaties with many European and other countries to protect its residents from paying tax in both countries.  In this way, future citizens of Cyprus can take the advantage of the very low rate of taxation in Cyprus. A credit is usually allowed against the tax levied by the country of the tax payer’s residence for taxes levied in the other country.

 

Some of the countries that Cyprus has double taxation agreements with are: Austria, Bulgaria, Canada, the People's Republic of China, the Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Malta, Norway, Poland, Romania, Russia (Armenia, Belarus, Kurdistan, Moldova, Tajikistan, Turkmenistan, and Ukraine) Slovakia, South Africa, Sweden, Syria, the United Kingdom, the United States, Yugoslavia (Serbia and Montenegro) and other countries.

Duty Free Privileges

Europeans who become permanent residents in Cyprus and were using in their country a car for at least six months, can bring their car to Cyprus and they will not pay import tax.

Furniture can be imported free of any taxes by Europeans or Non-Europeans who become permanent residents provided that they are for personal use and are not brand new.