19:58
Sergio
All individuals in Cyprus, are taxed on employment income under the following tax bands:
So essentially, the first EUR 19,500 of income is tax free and then the remaining income is taxed at a rate of 20%, then 25%, then 30% and then 35% (depending on the amount income earned by the individual in the tax year).
People moving to Cyprus from abroad, may be entitled to an additional tax – free amount of up to EUR 8,500 for the first 5 years of their employment (so in their case, if the relevant conditions are met, their tax allowance may increase from EUR 19,500 to EUR 28,000 for 5 years).
Also, non-Cyprus citizens working in Cyprus and earning more than EUR 100k of salary every year (from the first year of their presence in Cyprus) have 50% of their total annual salary, totally exempted from taxation. So for example, if you move to Cyprus and start your employment with an annual salary of EUR 100,000, only EUR 50,000 of your total salary will be subject to taxation, under the tax band rates presented in the table above.