SUNDAY, 18 NOV 2018

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Lillie: Rights of Britons in Cyprus and Cypriots in Britain Protected Under Withdrawal Agreement

Anastasiades: Health Sector to Change Completely by 2020

IMH LTD
GAP_Group_2018_468x60px

BUSINESS

brought to you by Deloitte

Panel Discussion at the 3rd Cyprus International Investors Summit: Taxes, Benefits and Living

Panel Discussion at the 3rd Cyprus International Investors Summit: Taxes, Benefits and Living

The second panel at the 3rd Cyprus International Investors Summit was about the benefits for employers and employees living and working in Cyprus, as well as personal taxation and tax incentives for expatriate and high net worth individuals relocating.

Costas Markides, tax partner of International Tax Services at KPMG Cyprus, talked about the tax residency rules for individuals.  The 183 days rule means an individual who stays in Cyprus for a period (or periods) exceeding in aggregate 183 days in the tax year, and  the 60 days rule means an individual may be considered a Cyprus tax resident if s/he: a) does not spend more than 183 days in any other jurisdiction during the tax year; b) not considered to be a tax resident in any other country during the tax year; and c) Cumulatively the following conditions are met: the individual spends at least 60 days in Cyprus during the tax year, exercises a business in Cyprus as self-employed, is employed by a Cyprus company or holds an office in a Cyprus company at any time during the tax year and maintains a permanent home in Cyprus (by owning or leasing).

Markides also explained to the potential investors at the summit, the concessions available to expatriates. “Individuals that were tax residents outside Cyprus and are commencing employment in Cyprus, may be entitled to certain exemptions” he said.

There is the 50% exemption rule, meaning individuals who take up employment in Cyprus with an annual gross income in excess of €100.000 will be eligible for an exemption from taxation of 50% of their income for a period of 10 years, commencing from the year of employment. The 20% exemption rule is for individuals who take up employment in Cyprus will be eligible for an exemption from taxation of up to 20% of their gross income or €8.550 (whichever is lower) from any employment which is exercised in Cyprus (this concession will cease in the year 2020), and lastly, there is the overseas pension income, which means that overseas pensions are exempt from tax for up to an amount of €3.420 and taxed at 5% thereafter. The taxpayer may opt to be taxed in the normal way, where this special mode of taxation of income results to a higher tax liability (this selection can be made from year to year).

Michalis Antoniou, Director General of Cyprus Employers & Industrialists Federation (OEB), discussed employment law and the labour market employment. More specifically, Antoniou explained the labour costs in Cyprus for different positions but the general wage setting system relies on negotiations between the two parties, and “there is no obligation to grant pay rises unless otherwise agreed.” Additionally, he mentioned that  indirect Labour cost entails statutory contributions to various Funds such as Social Insurance Fund (7,8%), Redundancy Fund (1,2%), Social Cohesion Fund (2%) and the Human Resource Development Authority Fund (0.5%).  Antoniou also mentioned that upcoming increases in 2019, will include a social Insurance contributions rise by 0.5% and contributions to the National Health System will commence (March 2019) to which the employer will contribute 1.85% on gross wages (March 2020 – 2.9%).

The director of PwC, Michalis Stavridis also stated that “Cyprus is an established and tested employer friendly location”.

Maria Diamanti, Associate, L Papaphilippou & Co LLC, discussed the Cyprus Investment Programme, and how someone can apply for it.

Beyond the tax advantages offered to investors, it was noted that Cyprus also offers an extremely attractive lifestyle, such as security and safety for the whole family, excellent public and private international schools, high standard of living and healthcare, culture, history and art, fabulous weather and it was also ranked 5th worldwide and 1st among smaller Countries in its Safest Countries in the World.

 

About

The 3rd Cyprus International Investors Summit presents investment opportunities in the Property, Real Estate and Leisure sectors in Cyprus and it is organised by Invest Cyprus. This event is a perfect platform for institutional investors, investment firms, real estate agents, citizenship specialists, real estate lawyers, family offices and property/leisure fund providers to network with local companies involved in the sales and promotion of the real estate/leisure markets.

 

MORE ON BUSINESS

GOLD Magazine – Big Business: The Cypriot Companies with over €100,000,000 Turnover

Although 90% of Cypriot companies are considered SMEs, there is also a relatively small ...

Cyprus a Credible Base for Investment Funds and Asset Managers

The 4th International Funds Summit that took place on 11-13 November in Nicosia, ...

HR Expert Nigel Jeremy to Talk About Managing a Multigenerational Workforce at Phoenix Leaders Club

The future is here: millennials, those individuals born between 1981 and 1997, are set to ...

FROM AROUND GOLDNEWS

   

Asda Revival Continues as Sales Rise Again

Asda's sales jumped 2% in the three months to September as the recovery of the Walmart-owned supermarket continued. The result marked the sixth consecutive ...
   

Clarification on Shell Companies and Entities: Definition by the Cyprus Central Bank

On November the 2nd, 2018, the Central Bank of Cyprus (“CBC”) issued a circular, trying to clarify certain issues, regarding the dubious and vague ...
   

Innovation and Research to be Rewarded in a Glorious Ceremony

The Cyprus Employers and Industrialists Federation (OEB) and the Research Promotion Foundation are rewarding inspiration, vision and creativity for yet another ...
   

Cyprus Airways Receives IATA Membership Certificate

Cyprus Airways received from the International Air Transport Association (IATA) a certificate for successfully joining IATA. The membership certificate was ...
   

Facebook Accused of Dark PR Tactics

Facebook faces a new controversy over alleged tactics it used to discredit its critics, embarrass rival firms and downplay problems at the company. The New ...
   

Cash Outflows from Cyprus Reach 490 Million Euro in 2017

According to data released on Thursday 15 November by Eurostat, in 2017, flows of money sent by residents of the European Union (EU) to non-EU countries, ...
   

Anastasiades: Health Sector to Change Completely by 2020

President of Cyprus Nicos Anastasiades said on Thursday 15 November evening that the health sector in Cyprus would change completely by 2020.   In an ...
   

Lillie: Rights of Britons in Cyprus and Cypriots in Britain Protected Under Withdrawal Agreement

British High Commissioner in Cyprus, Stephen Lillie, said on Thursday that under UK`s withdrawal agreement with the EU, the rights of Britons in Cyprus and all ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Infocredit_01/08-30/11_300x250px
Dale_Carnegie_Goldenbook_300x250px

IMH LTD