Tax Consultants in Paphos

Consultants at large accounting firms can earn over $200,000 per year, including salary, bonuses, and relocation expenses. However, in Cyprus, the majority of consultants earn much lower amounts.

Achieving a zero tax rate in Cyprus requires careful planning and compliance with the country's tax laws. And definitely, a great financial consultant can advise you ahead of time, forecasting your profit. Below are some strategies on how it can be done:1. Non-Domiciled (Non-Dom) Tax Resident Status (Individuals who are tax residents of Cyprus but have not been domiciled in Cyprus for at least 17 of the past 20 years.) 2. Cyprus Tax Residency with 60-Day Rule: Under the 60-day rule, you can become a tax resident if you:- Spend at least 60 days in Cyprus.- Have business, employment, or self-employment in Cyprus.- Maintain a permanent home in Cyprus.- Are not a tax resident in any other country.3. Utilizing the Corporate Tax Regime by Registering a Cyprus Company (Corporate tax in Cyprus is low at 12.5%, one of the lowest in the Europe)4. Capital Gains and Inheritance Tax Benefits5. Relocation of Wealthy Individuals (Certain incentives exist for HNWIs, such as investment schemes tied to residency or citizenship, which provide favorable tax treatment)6. Apply for Tax Incentives 

In Cyprus, personal income tax is applied progressively, meaning the rate increases as income increases. Up to 19,500 per year, there is no tax burden.

Cyprus is often considered a tax-friendly jurisdiction rather than a tax haven. It offers a competitive and legal tax regime, making it attractive to businesses and individuals seeking efficient tax structures.

Yes, in Cyprus, a tax advisor or consultant can typically also provide VAT services. VAT is a major tax in Cyprus, and most businesses are subject to it. Moreover, tax advisors possess the knowledge and expertise in tax laws and regulations, including VAT. Furthermore, many tax advisory firms offer a range of services, including VAT registration, compliance, and planning, alongside other tax-related services like income tax, corporate tax, etc. However, some firms or individual consultants may specialize in specific areas like VAT, while others may have broader expertise.

The wage tax in Cyprus is reflected in the progressive personal income tax rates.

It helps clients navigate complex tax laws, optimize their tax obligations, ensure regulatory compliance, and effectively plan their financial affairs.

Both tax advisor and tax consultant are correct terms and are often used interchangeably.

The standard VAT rate is 19%. Also, the standard VAT rate will generally apply to all goods and services for which no exemption or reduced VAT rate is provided.

Cyprus sets its standard VAT rate at 19%. According to the VAT legislation in Cyprus, there are two additional reduced rates: one at 9% and another at 5%.