ARE THERE ANY TAX ADVANTAGES?
Non-Cypriot individuals residing in Cyprus pay income tax at a flat rate of just 5%. This applies to the amounts remitted to Cyprus from pensions or income from overseas investments. The first CY£ 2,000 per annum are tax exempt, if you are retired.
Personal effects, household goods and furniture may be imported duty free by immigrant retirees, provided that they are for personal use and have been in use for some time (approximately one year). There is no duty on one car and retired couples benefit from the additional concession of two duty free cars.
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