PERSONAL INCOME TAX – 50% EXEMPTION FOR ANNUAL INCOME EXCEEDING €100.000
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A new clause has been recently added in the Income Tax Law (Law 116(I)/2011), which provides a major benefit to highly remunerated individuals being employed in Cyprus.
According to the new clause (clause 8 sub-clause 23), the remuneration deriving from any office or employment exercised in Cyprus by an individual who was not a resident of Cyprus before the commencement of his employment, for a period of 5 years for employments commencing as from the 1st of January 2012 if the annual remuneration exceeds €100.000, the 50% of that income will be taxed exempt.
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