Cyprus Remote Employer Payroll Solution (for EU Companies)
Cyprus have introduced the remote employer scheme where an EU Company can hire anyone in Cyprus without the need of establishing a Cyprus Branch or a Cyprus Subsidiary Company.
These are great news, as the Overseas Employer will only need to assign this task to a Regulated Audit and Assurance firm like Cyprus Audit Services, which in turn, will gather all paperwork and register both the employer and the candidate with the Cyprus social securities and local income tax office.
Once the remote employer and candidate are registered for payroll purposes, the remote employer will have to comply with the local tax and regulations.
So here are some of the main responsibilities of the remote employer:
- To pay its employees in Cyprus, on a monthly basiss, as per employment contract
- To pay monthly payroll taxes such as: Social Security, National Healthcare and Pay As You Earn Tax (PAYE)
- To provide monthly payslips to the employees
So the requirements are pretty standardised; there is really nothing unusual requested of an overseas employer here in Cyprus. In fact both the local as well as the overseas employer are obliged to follow the same rules, regulations and filing requirements.
Feel free to contact us for a free consultation and we will be more than happy to assist you.
Important Note:
Remote employers outside the EU must follow a different route as
they are required to establish a Cyprus Company or a Cyprus branch
and then employee staff working in Cyprus.
Want to know more details?
We have already created several videos in our youtube channel
called Cyprus Accountants Academy and several articles about Cyprus Payroll which can be
obtained here.
About Us
CYAUSE Audit Services has extensive experience in the insurance industry has helped tens of insurance brokers and agents register and get licensed by the local Cyprus regulator granting them passporting access to the rest of the European Union.
CYAUSE Audit Services is an Audit & Assurance firm with offices in Cyprus and the UAE. During 2015 we have been awarded by I.C.P.A.C and the A.C.C.A (local and international association of Chartered Certified Accountants) for the Quality of our Audit Services and our Office's Procedures.
Being a Truly International Audit & Assurance firm, we have associates from all over the world and we are constantly looking for new associates to expand our network further. At present, CYAUSE Audit Services operates internationally through its membership with BKR International amongst the largest American associations in the world, Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Our network covers almost 40 jurisdictions with over 2,000 professionals, it supports more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and processes at least 170,000 payslips globally.
CYAUSE Audit Services Ltd is also a member of BKR International one of the biggest US Accounting Associations of the word and the 3E Accounting Network, an international accounting network which originates from Hong Kong and has more than 80 members from all over the world.
Learn More about Cyprus Corporate Environment
Information about CYAUSE Audit Services and the Cyprus Corporate & Tax System can be obtained from our Website or our YouTube channel which provides valuable information about the Corporate & Tax Environment of Cyprus.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
