• About Us
  • Our Services
  • Subscribe
  • Advertise
  • FAQ
  • Contact Us
Login | My Posts
Accountants in Cyprus
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Cyprus VAT
    • Cyprus Accountants
    • Cyprus Economy
  • Find Accountants
  • Contact Us
No Result
View All Result
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Cyprus VAT
    • Cyprus Accountants
    • Cyprus Economy
  • Find Accountants
  • Contact Us
No Result
View All Result
Accountants in Cyprus
No Result
View All Result
Home Publications Articles

Cyprus changes income tax law to lure in high-salary earners

Cyprus, July 2023 – The Tax Department recently amended the law for income tax exemptions (a 50% exemption) for non-residents of Cyprus

July 13, 2023
in Articles
Reading Time: 2 mins read
high salary income

By: P. Constantinou & Co. Ltd

The revised law has backdated effect as of the 1st of January 2022 and affects personal income tax declarations for 2022.

The changes concern individuals who were non-residents of Cyprus for a period of 15 years previous to their first employment in the Island, and with an annual income which exceeds €50,000. Before the changes, the law only applied to persons with an annual income of more than €100,000.

A few details and essential changes

  • The non-tax residency condition has been extended from 10 consecutive years to at least 15 consecutive years immediately before the commencement of the individual’s first employment in Cyprus.
  • The recent changes clearly state that exemptions apply to remuneration FROM employment in Cyprus, whereas before it was limited only to the remuneration from FIRST employment in Cyprus. This amendment greatly expands the total number of beneficiaries of the provision and allows individuals to qualify for the exemption even if they change their employer within the period of 17 years.
  • The exemption applies for a period of 17 tax years or until the provisions of the Article are ended, whichever is earlier, starting from the tax year of the start of the first employment of the individual in Cyprus.
  • Individuals who were previously eligible for the 50% exemption of their remuneration from their first employment will continue to benefit from the exemption provided that all the conditions, as they were in effect before the date of the publication of the Amending Law, are met.

Remember that employed persons, pensioners and self-employed persons whose total gross income for 2022 exceeded €19,500 must file income tax declarations.

If you require assistance regarding Income tax in Cyprus, please feel free to contact us >

ShareTweetShare

Newsletter

Latest News

tax for all
News & Announcements

Τερματίζεται η Υποβολή ή Τροποποίηση Δηλώσεων Παρακράτησης Φόρου και Εισφορών

June 14, 2025

Τερματίζεται η Υποβολή /Τροποποίηση Δηλώσεων Παρακράτησης Φόρου και Εισφορών (Τ.Φ.7) μέσω TAXISnet για τα έτη μέχρι και το 2023, λόγω...

Read more
Eurobank and Hellenic Bank

Eurobank Limited is on its way:

June 12, 2025
Cyprus Economy

Overview of Cyprus’s Economy

June 5, 2025

Accountants in Cyprus is an accounting portal that consists of information in the field of finance and a network of Cyprus accounting firms and other financial service providers .

USEFUL LINKS

  • Accountants in Nicosia
  • Accountants in Limassol
  • Accountants in Larnaca
  • Accountants in Famagusta
  • Accountants in Paphos
  • Accountants in Nicosia
  • Accountants in Limassol
  • Accountants in Larnaca
  • Accountants in Famagusta
  • Accountants in Paphos

USEFUL LINKS

  • Cyprus Tax Consultants
  • Tax Planning Cyprus
  • Tax Benefits Cyprus
  • Double Taxation Treaties
  • Cyprus Accounting Firms
  • Cyprus Tax Consultants
  • Tax Planning Cyprus
  • Tax Benefits Cyprus
  • Double Taxation Treaties
  • Cyprus Accounting Firms

AFFILIATED SITES

logo-lawyers-in-cyprus
lawyers-malta

2023 © Accountants in Cyprus. All Rights Reserved. Developed by Wizzweb

  • About
  • Cyprus Accounting Services
  • Auditors in Cyprus
  • Cyprus VAT
  • Contact Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Accountants Cyprus
    • Cyprus Economy
  • Find Accountants
  • Contact Us
  • Our Services
  • Subscribe
  • Advertise
  • FAQ

© 2023 Accountant in Cyprus

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.