Extension of the tax exemption that applies to employees in the Republic

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As specified in the strategy, tax exemptions that apply to foreign highly skilled employees in the Republic are extended up to a period of 17 years.

The existing tax exemption has also been extended to cover new resident employees with an annual salary from employment of €55,000 or more. They are entitled to a tax exemption of 50%.

Increased tax deduction (compared to the actual one) for research and development expenses
Research and development expenses are subject to an increased discount. Eligible research ivory coast mobile database and development expenses can be deducted from taxable income equal to 120% of the actual spend.

Application for acquisition of Cypriot citizenship
There is now the option to apply for the Cypriot citizenship after a period of 5 years of residence and work in the Republic of Cyprus, instead of the 7 years that was applicable before.

Additional Information
For further information about the attractive tax regime for individuals in Cyprus, please contact Katrien de Poorter at the Dixcart office in.