An individual is tax resident in Cyprus if he/she is physically present in Cyprus for an aggregate period exceeding 183 days in the tax year (1/1/XXXX – 31/12/XXXX). Tax resident individuals are liable to tax in Cyprus on their worldwide income whereas non-resident individuals are only liable to tax on income accruing or arising in Cyprus. There are certain types of income which are exempt for tax purposes and allowances/deductions that decrease your personal income tax. For further details on these issues, please do not hesitate to contact us.
The tax rates that apply to individuals are as follows:
Stamp Rates
| Type of documents | Amount (€) |
| Receipt (if Not exempt)- for sum of over €4 | 7 cents |
| Cheques | 5 cents |
| Letters of credit | €2 |
| Letter of guarantee | €4 |
| Bills of exchange (payable within three days on demand or sight) | €1 |
| Bills of lading | €4 |
| Charter party | €18 |
| Power of attorney: | |
| – general | €6 |
| – limited | €2 |
| Certified copies of contracts and documents | €2 |
| Contracts with a fixed amount: | |
| – the first €5,000 | 0 |
| – between €5,001 -to €170.000 | 1,50% |
| – above €170.000 | 20% |
| Contracts without a fixed sum | €35 |
| Customs declaration documents (depending on document type) | €18-€35 |