Individuals and companies residing or operating in Cyprus are liable to income tax in respect of their worldwide income. An individual is considered a tax resident in Cyprus, if they are present more than 183 days in a tax year in the Republic. The days of presence in the Republic are calculated as follows:
A company is resident in Cyprus, if its management and control are exercised in Cyprus.
The personal income tax rates applicable to an individual’s taxable income are as follows:
Reporting and payment of taxes for an individual residing in Cyprus takes place through the TAXISnet platform of the Tax Department, Ministry of Finance, Republic of Cyprus. TAXISnet Service consists of two separate systems and different registration is required for each system:
The following information is required for registration: