Deloitte in Cyprus

Deloitte is one of the largest providers of audit, tax, consulting and financial advisory services in Cyprus, operating out of offices in all major cities with more than 650 professionals. Our wide range of professional services includes:

  • audit of financial statements in accordance with International, UK or US audit standards
  • tax services to both Cyprus and foreign companies
  • consulting services including financial and management consulting, information technology (IT), EU advisory services and human resource consulting
  • investment & wealth advisory services
  • corporate finance services as well as advice and assistance to private companies considering to go public
  • accounting services
  • formation of companies with lawyers and special services to international business companies

Our International Firm

Deloitte Touche Tohmatsu Limited (DTTL) is one of the largest private professional services organisations in the world.

Nearly 245.000 people in over 150 countries serve more than 80% of the world's largest companies, public institutions, as well as fast-growing small and medium sized enterprises.

INCOME TAX

Individuals

Imposition of tax

An individual who is tax resident in the Republic of Cyprus (the Republic), is taxed on income accruing or arising from sources both within and outside the Republic.

An individual who is not tax resident in the Republic, is taxed on income accruing or arising only from sources within the Republic.

Tax residency

An individual who spends more than 183 days in Cyprus is a tax resident of Cyprus.

As from 1 January 2017 an individual can be a tax resident of Cyprus even if he/she spends less than or equal to 183 days in Cyprus provided that he/she satisfies all of the following conditions within the same tax year (1 January – 31 December):

  1. does not spend more than 183 days in any other country;
  2. is not a tax resident of any other country;
  3. spends at least 60 days in Cyprus;
  4. maintains a permanent home in Cyprus that is either owned or rented;
  5. carries on a business in Cyprus, is employed in Cyprus or holds an office in a Cyprus tax resident person 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 Cyprus tax resident for that tax year.

For the purpose of calculating the days of presence in the Republic:

  • the day of arrival into the Republic is considered as a day in the Republic
  • the day of departure from the Republic 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
  • the departure from the Republic and return to the Republic on the same day is considered as a day out of the Republic.

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