On June 22, 2023, the Plenum of the Parliament introduced an important amendment to the Income Tax Law, extending the existing provisions of the income tax exemption for individuals employed in the Republic. This amendment affects any person who was not a resident of the Republic prior to their employment.
The newly adopted bill brings changes to the legislation, ensuring that the exemption from income tax —equivalent to fifty percent (50%) of an individual’s remuneration— remains applicable for a period of seventeen (17) years.
Furthermore, the amendment raises the qualifying period spent outside the Republic from ten (10) to fifteen (15) consecutive years. This exemption will not be terminated if the individual changes the employer, provided that they had been a non-resident of the Republic for at least fifteen (15) years before their first employment, as opposed to the previous requirement of ten (10) years.
Having been engaged in multiple global tax mobility projects for many years now, Eurofast team with over 35 high-skilled professionals are in position to facilitate relocation of executives and/or companies to Cyprus and handle the whole process at our best.
For further information or assistance, please contact Ms. Georgia Damaskou, Corporate Lawyer and Mr. Fanos Pavlou Manager of Advisory and Corporate Services, at our Eurofast office in Nicosia, Cyprus at firstname.lastname@example.org
Eurofast is a regional business advisory organization employing local advisors in over 21 cities in South East Europe & the Middle East (SEEME). The Organization is uniquely positioned as a one-stop-shop for investors and companies looking for professional services in Tax & Transfer Pricing – Payroll & Employment – Accounting & Compliance – Advisory & Corporate.