Cyprus Tax Law: Extension of the Income Tax exemption, according to Art 8(21)

According to the amending law in respect of the Article 8(21), the Cyprus Income Tax Law provides that the lower of €8.550 and 20% of the remuneration from any employment exercised in Cyprus by an individual who was resident outside Cyprus the tax year before the year of commencement of employment in Cyprus is exempt from income tax.

Based on the new framework, the exemption continues to apply for a five year period, following the year of commencing employment, and is available to qualifying individuals commencing employment between 2012 and 2025.