Tax & Accounting
Ioannou Theodoulou Ltd
As a member of Kreston International Limited, Ioannou Theodoulou Ltd (ITH) has been providing personalised, professional advice that caters to their clients’ tax, accounting, business, and financial needs.
Their focused understanding of every client they take on allows them to provide the best service possible to individual and business clients.
ITH assists expats moving to Nicosia in:
- Personal Taxation
- Transaction and business advisory
- Audit & Assurance
Tax & Accounting for Expats in Nicosia
Nicosia has a tax system that is fully compliant with the requirements set by the European Union (EU) and the OECD, making it an attractive place for expats. It is advisable to have an understanding of exactly how the taxes work in Nicosia for you to navigate the laws effectively and legally.
Key tax & accounting tips you should know as an expat in Nicosia
- The income tax rate is Nicosia starts at 20% and rises to 35% for income over €60,000. However, your first €19,500 is tax free.
- Capital gains tax of 20% is payable when you sell immovable property.
- You are considered a tax resident if you reside in Nicosia for more than 183 days of the calendar year.
Tax & accounting for expats establishing a business in Nicosia
- Cyprus has one of the most competitive corporate tax rates in the EU at 12.5%.
- All businesses that are considered tax residents are taxed on all income earned, including the revenue they make from overseas.
- If your company is not a tax resident, then it is taxed on income earned from business done by a permanent establishment in Nicosia.
- A company is considered a tax resident if it is managed and controlled from within the country.
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