CNP CYPRIALIFE - Reduction of taxation

Reduction of taxation

Cyprus Tax Legislation foresees for the imposition of Income Tax on every natural or legal person as follows:

  • Individuals who are tax residents of the Republic of Cyprus, namely, stay in the Republic for a term exceeding 183 days during the fiscal year, are taxed on the income earned or derived from sources both inside and outside the Republic.
  • Individuals who are not tax residents of the Republic are taxed on the income earned or derived from sources only within the Republic.

Life Insurance constitutes one of the most tax-efficient ways for taking advantage of the tax benefits offered by the law applicable from time to time, resulting in the reduction of the amount that you pay as a tax liability to the Inland Revenue Department.

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