• Notarised copy  of passport;
• Notarised copy of proof of domicile dated less than three months;
• Original personal bank reference letter mentioning good standing of the account since at least 2 years dated less than three months;
• Curriculum vitae;
• Last 3 months’ bank statement.

Corporate tax: 12.5%.

Personal income tax: income tax rate is progressive:

• up to €19,500 – 0%;
• €19,500 – €28,000 – 20%;
• €28,001 – €36,300 – 25%;
• €36,301 – €60,100 – 30%;
• over €60,000 – 35%.

Profits from the sale of securities (shares, bonds, etc.) are not subject to income tax.

Social contributions:

1. Social insurance – 8.3% for the employee and 8.3% for the employer;
2. Health insurance – 2.65% for the employee and 2.9% for the employer;

The employer pays:

1. 1.2% to the redundancy fund;
2. 0.5% to a training fund;
3. 2% to a social assistance fund;
4. 8% for holiday funds.

Dividends are exempt from tax. However, dividends which are not subject to income tax exemption are not considered as such in relation to the defense contribution. Therefore, payments of dividends to Cypriot residents are subject to the defense contribution as if they were ordinary distributions of any other income.

VAT: 19%, reduced rates of 9% and 5%.

Defense tax: the payment of the contribution is compulsory for the following:

• companies which are tax residents of Cyprus;
• Individuals who are tax residents domiciled in Cyprus. Newly arrived Cypriot residents are exempt from such payment for the first 15 years.

Defense contribution is levied at the rates shown below on the following sources of income:

• Dividends – 17%;
• interest income – 30%;
• interest earned by an individual on Government Savings Certificates;
• government bonds and corporate bonds – 3%;
• interest earned by an approved savings fund – 3%;
• interest earned by the social security fund – 3%;
• rental income (reduced by 25%) – 3%;