Cyprus annual tax returns are due now in 2022 for the previous tax year (2021).
Starting now it’s all in for expat tax residents in Cyprus – everyone with any income has to complete a personal tax return for their sole trader business, salary, pension, investment, royalty, dividends, property rental and any other income received worldwide.
OLD THINKING
This is a radical departure for Cyprus. Previously anyone with ‘income’ below €19,500 is not required to submit a tax return each year.
ProACT Partnership have always advised that this practice always catches up with you when you sell an asset such as a property or when you die and Cyprus tax clearance is required – meaning individual tax returns are requested in retrospect for each of the missing years for all people no matter what income levels.
This conflict has now been removed and all Cyprus tax residents with any form of income must complete a full tax return for 2021 before the end of July 2022 and pay any balance of tax by the start of August.
ProACT Tax Services
ProACT offer a full tax registration and return service for expats with tax returns to complete – whether Cyprus or UK.
Cyprus annual tax returns can only be submitted online and need a number of different bits of registration information to make the maximum tax savings for expats including:
- Tax number
- Social insurance number
- Medical registration number
- Non-dom registration number
- Residency visa/ permit number
These are each individual tax registrations which may or may not have been done by you in the past. All tax resident expats must complete these Cyprus registrations before they can submit an online Cyprus tax return.
ProACT Partnership offer tax registration as part of our retained client service on a regular basis.
Existing Cyprus tax residents who have not completed this work need to get to it in order to submit a tax return by the due date and avoid penalties for delays. Contact us for help.
SPOT ON
All Cyprus tax residents with any income are now under the scope of the Cyprus tax system.
Even so expats can still enjoy little or no tax even after submitting their return.
Exchange of information means worldwide income previously discreetly avoiding tax will now be assessed.
It’s all in for expats to submit Cyprus tax returns.
The new year tax challenge is on to update your tax registration and submit a return for your 2021 income before the July 31 deadline.
This leaves little time to get it spot on.
Submit your tax return
Get our annual tax return service and have peace of mind that your taxes are as low as possible & up to date. You can also contact us at www.proactpartnership.com
So what is required for someone to submit a Cyprus tax return?
In order to submit a Cyprus tax return, expats must first have the following registrations:
- Healthcare
- Social insurance
- Non-dom exemption
- Tax number
- Residency permit or visa
We offer a comprehensive service to complete all of those registrations in addition to your tax returns.
We can help you to maximise your tax savings as a Cyprus tax resident including 0% on investments, crypto & dividend portfolios.
Get our annual tax return service today and let us take care of all the required registrations to enable you to submit a Cyprus tax return.
Subscribe to ProACT’s annual tax return service online at:
www.proactpartnership.com/shop/annual-tax-service
For more information and guidance you can also contact us at www.proactpartnership.com
