Economy category powered by

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

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)

Read More

Fireside Chat: ESG Skills Empowering youth for a brighter tomorrow
5 Junior Achievement All Stars answer 20 off-the-wall questions
The 1000+ Biggest Companies in Cyprus
Bank of Cyprus: Five distinctions for its digital products and services
Bad cheques worth €72,185 issued in September
Zubr Capital invests in Bazaraki.com
Massive turnout and great success on day one of Inspire 2024, which continues today (video & pics)
Cyprus announces candidacy for registration of Commandaria on UNESCO list
Economy and cost of living the main reasons Cypriots voted in this years European elections
Cyprus projects €1.13 billion fiscal surplus in 2025 budget