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Payroll Obligations of employers and employees

Cyprus is known not just as a popular place for tourism, the island is also famous with foreign investors and international entities looking for a suitable base from where to conduct business with partners in Europe and the Middle East. 

Payroll legislation and regulations in Cyprus

Generally, staff matters are quite complicated direction. Moreover, when it comes to jurisdictions where clients are not familiar with local requirements, it becomes more confusing. 

Payroll Services

If you are planning to drop an anchor in Cypriot as an entity, one of your first steps will be hiring a staff. To do this you will generally need to set-up an in-country payroll and employment infrastructure. It can be long and routine process taking several months to complete and causing delays. 

Rates for social insurance for an employee

In Cyprus, social insurance contributions are required to be made by both employees and employers. The rates for social insurance contributions are determined by the Social Insurance Services (SIS) and are subject to change annually.

Example of a salary of 50.000 euros

To calculate the income tax for an individual earning €50,000, we would need to apply the relevant tax rate for each income bracket, starting from the lowest bracket up to the highest bracket. 

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