Tax Return Filing for 2023 Has Opened, the Cyprus Tax Department Announces

Who must file a tax return?

Employees, pensioners and self-employed people whose total income for 2023 exceeded €19,500*

As a reminder, under Cyprus tax law individuals are tax residents of the Republic of Cyprus if they were physically in the country for more than 183 days in a calendar year, or if the centre of their personal and economic* interests is in Cyprus.

Types of foreign income that must be declared:

Income from renting out or selling property outside Cyprus;

Income from business activity received by a person registered as a sole trader in a foreign country;

Dividends and interest;

Gifts of money from close relatives or other people abroad;

Property received by inheritance;

Insurance compensation;

The deadline for filing the return is 31 July 2024. A return filed after that date will be considered late and will carry a financial penalty of €100.

Income from securities transactions, and from the disposal of shares in the capital of foreign companies;

Payment for work done or services provided;

Copyright royalties received abroad.

Comment by lawyer Valentina Roks

The law says you do not have to file a tax return if your income is below €19,500 a year.

WhiteWins tax specialist

«

»

But in practice problems can arise if a bank asks you for a tax return, and even with an income of €0 you will be required to provide it. So file a tax return whatever your income, and sleep easy

Or message us on your preferred messenger

We take the worry of filing off your hands: we give an initial consultation, then prepare and file the documents

By clicking "Get a consultation", you agree to the processing of your personal data in accordance with our Privacy Policy

Our specialist will contact you within two hours

Other news