New 50% and 20% income tax exemption on employment income to attract foreign investors and employees

On 26 July 2022, the new amended articles 8(21) and 8(23) of the Income Tax Law were published in the Gazette aiming to attract foreign investors and high-profile foreign employees.

Similarly with the 20% exemption, it is not required for the individual to become a Cyprus tax resident to benefit from the new 50% exemption, nor for the employer to be a Cyprus tax resident employer.

Please see below the full report. For any information please contact us at: [email protected]

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