Payroll services are provided to companies that employ staff in Cyprus and abroad. The services are available for Cyprus and International Business Companies.
This is compulsory and covers all persons gainfully employed in Cyprus. Social insurance contributions are made by the employer, the employee and the state.
Every employee is entitled to 21 days of annual leave.
This law regulates all matters, obligations and rights relating to terminating a staff member’s employment.
A state pension is available to females above the age of 63 and 65 for males. The paid-out pension is relative to the contributions made.
The Pay as you Earn system (PAYE) applies to all salaries, wages, directors’ emolument, pensions and fringe benefits. PAYE is applicable to all resident and non-resident employees in Cyprus. Tax residents in Cyprus get taxed on their worldwide income while non-resident employees are taxed on the income they generate in Cyprus. It is the employee’s obligation to pay it, and the employer deducts it at source every month.
