Tax obligations of an individual in Cyprus
An individual in Cyprus is subject to certain tax obligations under the Cyprus tax law. These include:
Individuals in Cyprus are subject to income tax on their worldwide income. The income tax rate for individuals is progressive, with a top rate of 35%.
Individuals in Cyprus are required to pay social insurance contributions which are used to fund various social welfare programs such as pensions, healthcare, and unemployment benefits.
Individuals in Cyprus are subject to VAT on goods and services consumed in Cyprus.
Individuals in Cyprus must file annual tax returns within specific deadlines.
Individuals in Cyprus must pay income tax and social insurance contributions on a regular basis, usually on a monthly basis.
Individuals in Cyprus are subject to capital gains tax on the sale of certain types of assets such as real estate and shares.
Individuals in Cyprus may be subject to inheritance tax on certain types of assets they receive through inheritance.
Individuals who own property in Cyprus are subject to property tax.
It is important to note that this list is not exhaustive and individuals should seek legal and financial advice to ensure compliance with all relevant tax laws and regulations.