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| Tax in Cyprus |
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by
Joe Turner Published: 17-Apr-2008 |
| Tax There are many tax incentives for foreigners in Cyprus. Double taxation treaties exist with EU member states. This means that citizens of these countries will not be taxed twice on any of their worldwide income. The Cypriot tax year is exactly the same as the calendar year. Income rates are low and tax is normally deducted at source. The rates are between 0% and 30% as follows:
A flat rate of just 5% of your pension is taxed if you receive your pension in Cyprus, even if it is a UK Government Service pension. Worldwide dividends and worldwide bank interest are taxable at between 10% and 15%. This tax is known are the Defence Contribution. There is no wealth, gift or inheritance tax in Cyprus. |
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