Tax for Individuals in Cyprus
Cyprus Tax Facts
Imposition of Tax
An individual who spends more than 183 days in the Republic is a tax resident of the Republic. An individual can be a tax resident of the Republic even if he/she spends less than or equal to 183 days in the Republic provided that he/she satisfies all of the following conditions within the same tax year (1st January – 31st December):
- Does not spend more than 183 days in any other country
- Is not a tax resident of any other country
- Spends at least 60 days in the Republic
- Maintains a permanent home in the Republic that is either owned or rented
- Carries on a business in the Republic, is employed in the Republic or holds an office in a person who is a tax resident of the Republic at any time during the tax year
- If the employment/business or holding of an office is terminated during the year, then the individual would cease to be considered a tax resident of the Republic for that tax year
The below points are for the purpose of calculating the days of presence in the Republic:
- the day of arrival is considered as a day in the Republic
- the day of departure is considered as a day out of the Republic
- the arrival into the Republic and departure from the Republic on the same day is considered as a day in the Republic and Individuals Income Tax
- the departure from the Republic and return to the Republic on the same day is considered as a day out of the Republic.
|Taxable Income €
|Tax Rate %
|19,501 – 28,000
|28,001 – 36,300
|36,301 – 60,000
|60,001 and over
|35 (this rate is applicable as from the year 2011 onwards)
Social Insurance Fund Contribution Rates Effective 1st January 2024
- In the case of employed persons, the contribution rates to the Social Insurance Fund by both the employer and the employee will increase from 8,3% to 8,8% on insurable earnings.
- In the case of self-employed persons, the contribution rate to the Social Insurance Fund will increase from 15,6% to 16,6% on insurable earnings.
Social Insurance Contributions Applicable To Employees Effective 1st January 2024
It is noted that contributions to the Social Cohesion Fund are calculated on actual earnings, not subject to the above caps.
Please refer to the below summary table for the applicable contribution rates which are payable by employers and employees for 2024:
|Social insurance contribution rates for 2024
|Training and Development
C=Cap at €5.239/ month; N.C=No Cap