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New tax bills seek to lure foreign high earners to Cyprus
October 6, 2020
MPs on Monday began discussing two government bills involving tax incentives aimed at luring high earners who are foreign nationals, so that they make Cyprus their personal domicile and headquarter their companies here.
Under the first bill, amending the income tax law, foreign nationals not resident in Cyprus can benefit from a tax exemption of up to 50 per cent if their annual earnings exceed €100,000 either during the tax year during which they started working here or for any three out of five years preceding the year in which their employment commenced in Cyprus.