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Cyprus
Overview
Last reviewed - 21 December 2023The 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 (%) (Dividends/Interest/Royalties) |
Resident corporations: 0 / 17 (only on 'passive' interest) / 0. As of 31 December 2022, higher WHT rates apply on if the recipient of the payment is a company in a jurisdiction included on the EU blacklist. Non-resident: 0 / 0 / 10 (only if royalties earned on rights used within Cyprus) |
| Capital gains tax (CGT) rates | |
|---|---|
| Headline corporate capital gains tax rate (%) |
20 |
| Headline individual capital gains tax rate (%) |
20 |
| Net wealth/worth tax rates | |
|---|---|
| Headline net wealth/worth tax rate (%) |
NA |
| Inheritance and gift tax rates | |
|---|---|
| Headline inheritance tax rate (%) |
NA |
| Headline gift tax rate (%) |
Nil if up to a third degree relative. |
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