Payroll Services in Cyprus

PAYROLL SERVICES ARE AVAILABLE FOR CYPRUS AND INTERNATIONAL BUSINESS COMPANIES.

Payroll services are provided to companies which employ staff in Cyprus and abroad. The services are available for Cyprus and International Business Companies.

Cypriot Laws Relating To Payroll Include

  • Social Insurance: this is compulsory and covers all persons gainfully employed in Cyprus. Social insurance contributions are made by the employer, the employee and the state.
  • Annual Paid Leave: every employee is entitled to 21 days of annual leave.
  • Termination of Employment: this law regulates all matters, obligations and rights relating to terminating a staff member’s employment.
  • Social Pension: a state pension is available to females above the age of 63 and 65 for males. The paid-out pension is relative to the contributions made.
  • Pay as you earn: the Pay as you Earn system (PAYE) applies to all salaries, wages, directors’ emolument, pensions and fringe benefits. PAYE is applicable to all resident and non-resident employees in Cyprus. Tax residents in Cyprus get taxed on their worldwide income while non-resident employees are taxed on the income they generate in Cyprus. It is the employee’s obligation to pay it, and the employer deducts it at source every month.

Standard Payroll Services

These include:

  • Payroll calculation which can be processed monthly or weekly, based on the client’s preference
  • Monthly calculation and payment of social insurance and tax contributions to the authorities
  • Preparation and distribution of payslips at the end of each payroll run
  • Payment to employees’ personal accounts through online banking transfers.
  • Registration of new employees for income tax and social insurance
  • Registration of the company for income tax and social insurance
  • Obtaining a yellow slip for foreigners if required
  • Preparation and distribution of annual payroll forms (IR63) to employees
  • Preparation and submission of the annual payroll form (IR7) for the company to the authorities
  • Obtaining a tax clearance certificate from the Social Insurance Department for expatriate employees for the purposes of renewal of their work permit.
György Gyólai
György Gyólai
March 7, 2024
I have been in an excellent business relationship with Angelo and the team of McMillan Woods Cyprus for many years. They are among my most important partners. Angelo is the most experienced expert in establishing and managing Cypriot companies, as well as in Cypriot tax compliance matters. Angelo is reliable, fair, knowledgeable, and consistent, which I highly appreciate. As a corporate service provider, reliability and expertise are the most important factors for me. Clearly, I wouldn't want to work with any other Cypriot company service provider, only with Angelo and his team.
Maciej Oniszczuk
Maciej Oniszczuk
February 29, 2024
We cooperate for many years. I highly recommend Angelo and his team for their experience, expertise, and exceptional service.
Keane Gibbons
Keane Gibbons
January 18, 2024
nice
Marci
Marci
January 17, 2024
Professional, helpful team with good availability and communication. I recommend them 10/10.
Bambos Demetriou
Bambos Demetriou
January 2, 2024
I highly recommend Angelo and his team for their experience, expertise, and exceptional service. They understood my financial circumstances and provided tailored advice to help me reach my goals. Their communication skills are excellent, and they are always available to answer questions. They prioritized my best interests and were confident in their abilities. I am grateful for their outstanding service.
Peter Ruggle
Peter Ruggle
December 30, 2023
excellent law firm; hihly experienced and very focused on the clients needs
Mariusz
Mariusz
December 29, 2023
I cannot praise McMillan Woods Cyprus enough for their exceptional professionalism, expertise, and customer service. From the start, their team showcased unparalleled knowledge in both legal and accounting matters. What sets the Company apart is their commitment to delivering not just service, but outstanding experiences. The team's attention to detail, prompt responses, and ability to simplify complex issues have consistently exceeded my expectations. I highly recommend it to anyone seeking top-notch legal and accounting services. Thank you for your unwavering commitment to excellence!
Firoo Cet
Firoo Cet
December 28, 2023
McMillan Woods was recommended to me by a friend, who worked also with them. It was the best decision i could have make. Everything went smooth and fast. They can assist you in nearly everything. Thank you!
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