Cyprus

Overview

Last reviewed - 05 February 2020

The Republic of Cyprus, a European Union (EU) island member state in the Eastern Mediterranean Sea, is located to the east of Greece, south of Turkey, west of Israel and Lebanon, and north of Egypt. A former British colony, Cyprus has been an independent state since 1960. The Republic has been a member state of the European Union since 1 May 2004. Cyprus adopted the euro (EUR) as its national currency on 1 January 2008. Nicosia is the capital city; other main cities include Limassol, Larnaca, and Paphos.

Cyprus has an open market economy with positive growth dominated by the services sector, mainly comprising financial services, tourism, and real estate.

PwC Cyprus supports you to create the value you are looking for by providing specialised solutions based on quality. We build relationships based on trust by adapting the expertise of our almost 1,000 professionals in Cyprus and the power of our global network to your needs, helping you make the difference. In Cyprus, PwC can provide assistance and guidance to corporations and individuals to develop business strategies that both maximise tax benefits and meet all compliance requirements.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%) 12.5
Corporate income tax (CIT) due dates
CIT return due date 31 March of the second year following the relevant tax/calendar year.
CIT final payment due date 1 August of the year following the relevant tax/calendar year.
CIT estimated payment due dates Two equal instalments due on 31 July and 31 December of the relevant tax/calendar year.
Personal income tax (PIT) rates
Headline PIT rate (%) 35
Personal income tax (PIT) due dates
PIT return due date Varies depending on the individual taxpayer's profile.
PIT final payment due date 1 August of the year following the relevant tax year.
PIT estimated payment due dates 31 July of current tax year
Value-added tax (VAT) rates
Standard VAT rate (%) 19
Withholding tax (WHT) rates
WHT rates (%) (Div/Int/Roy) Resident corporations: 0 / 30 (only on 'passive' interest) / 0;
Non-resident: 0 / 0 / 10 (only if royalties earned on rights used within Cyprus)
Capital gains tax (CGT) rates
Corporate capital gains tax rate (%) 20
Individual capital gains tax rate (%) 20
Net wealth/worth tax rates
Headline net wealth/worth tax rate (%) NA
Inheritance and gift tax rates
Inheritance tax rate (%) NA
Gift tax rate (%) Nil if up to a third degree relative.

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.