Friday 17 January 2020
Danos and Associates
Pelecanos Pelecanou LLC

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Advantages of Cyprus Tax System


  •  There is no preservation tax on bonus;
  •  The Profits of partnerships are fully tax excused;
  •  Where administration and control are outside Cyprus, profits of branches are fully tax exempt
  •  Tax assumptions include all operating expenses, as well as yearly allowances on set assets;
  •  There is no property tax on inheritance of shares in a Cyprus company;
  •  There is no capital gain tax, except on sale of fixed property located in Cyprus;
  •  There is no stamp duties on contracts entered by entities;
  •  The Foreign employees of offshore companies are excepted from social insurance contributions;
  •  Foreign workforce of offshore bodies providing services in Cyprus, are accountable to Cyprus income tax at a rate equal to half the normal Cyprus tax rates;
  •  Foreign employees of offshore bodies working outside Cyprus, but being paid of foreign funds, submitted through Cyprus are accountable to Cyprus income tax at a rate equal to one-tenth of the normal Cyprus tax rates;
  •  No import fee for the importation or purchase of cars, office and household equipment (except furniture and air-conditioning equipment) for the use of the offshore body and its foreign workforce;
  •  Free moveable currency accounts (in any currency) may be kept both in Cyprus and abroad;
  •  No exchange control limitations;
  •  Work permits for foreign workers and residence permits for their families are willingly acquired.

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