MPs discussing new relaxations to encourage the repatriation of high income workers to Cyprus

10:06 - 04 April 2023

Economy

The House Finance Committee is discussing legislation featuring new relaxations to the existing 50% tax exemptions for the repatriation of highly paid Cypriots currently living abroad.

More specifically, through the new bill, the prerequisite for first employment in the Republic is eliminated, while the prerequisite years of non-residence in the Republic are increased, for the beneficiaries to be eligible for inclusion in the framework.

Through the proposed bill, the basic law is amended so that the exemption of the remuneration from the first employment in the Republic is granted until the exhaustion of the period of 17 tax years and is not terminated in case the person changes employer. Instead, the prerequisite years for living and working outside the Republic for the inclusion of beneficiaries are increased, from 10 to 15 consecutive years.

Based on the law, it is provided that beneficiaries are persons with incomes over €55,000, with an application period of ten years.

Addressing the most recent Finance Committee meeting on 3 April, a representative of the Ministry of Finance said that this amendment is expected to have a positive effect, strengthening the prospects for further development of the Cypriot economy. It was also reported the bill will be submitted to Parliament over the coming week, where provisions for a transitional period will be incorporated.

(Source: CNA)

MPs discussing new relaxations to encourage the repatriation of high income workers to Cyprus

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