Living and Working Abroad: What Expats Need to Know About Cyprus Residency, Tax, and Planning Ahead
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As the Mediterranean sun shines and expats settle into life abroad, ProACT is here to keep you informed about the vital issues that come with living and working overseas. In this “Off the Cuff” edition of the Living and Working Abroad Show, we cover the urgent and often confusing matters of residency permits, tax deadlines, estate planning, and international compliance, particularly for those with ties to Cyprus, the UK, and beyond.
Understanding Residency in Cyprus: More Flexible Than You Think
Watch the webinar on YouTube.
If you're looking to live in Cyprus or any Mediterranean EU country, you’ve likely seen offers for “Golden Visas” or investment-based residency schemes. But here’s the truth: you don’t always need to create a company or invest a fixed deposit to get a residency permit.
Instead, you need to:
Prove a viable source of income
Have accommodation
Show a reason for being in the country
Cyprus also offers a special Nomad Visa, ideal for remote workers or business owners who earn steady monthly income (often €2,000–€5,000+). This visa may also provide:
Up to 50% income tax reduction for 10 years, if you meet certain income thresholds.
Note: This is not a work permit. If you're not an EU citizen, you may still need additional clearance to legally work in Cyprus.
Tax Deadlines in Cyprus: What’s Due and When?
Cyprus tax filing can be confusing, especially with extensions and overlapping deadlines. Here's a clear breakdown of what you need to file and when:
2023 Tax Year (For Businesses and Companies)
Due by 30 June 2025
Applies to audited accounts for companies, partnerships, and large sole traders.
Extended from 31 March 2025.
2024 Tax Year (For Individuals)
Due by 31 July 2025
Full return needed if you have income above €19,500, or if you owe:
Health Tax
Fixed Rate Taxes (e.g., property, dividends, interest)
Rental or Stamp Duties
2024 Company Financial Reports
Due to Registrar by 31 July 2025
Note: This is not the tax return – the audited 2024 tax return is due in March 2026.
2025 Self-Assessment Payments
Due by 31 July and 31 December 2025
Cyprus, like the UK, expects on-account payments twice a year (July and December) for:
Income Tax
Dividend/Interest Tax
Health Contributions
Even if your full return isn't due yet, you should still pay tax on account to avoid penalties.
IL-7 Report (Payroll & Social Insurance)
This report covers employers' social insurance contributions.
For 2024, it's expected to become available by 31 July 2025.
Submission deadline is likely by 31 October 2025, aligning with the new monthly payroll system.
Planning for the Future: Wills, Trusts, and Asset Protection
Living abroad comes with exciting benefits—but also risks. What happens if you fall ill, pass away, or face legal changes like Trump’s international tariffs?
If you own:
Property
Companies
Offshore bank accounts
...you need to make a will in the relevant country. Without one, your family could face expensive delays and legal complications trying to access your assets or settle taxes.
Consider:
Creating a family trust or business trust
Preparing for cross-border estate planning
Ensuring your documents are up to date
Protect your family's future before it’s too late.
Don't Overstay—Manage Your Residency
If you’re living abroad without a valid permit, you risk:
Being denied re-entry if you leave
Losing access to state healthcare or benefits
Complications changing jobs or status
Make sure you:
Renew residency permits regularly
Know whether you need a work permit or can operate as a nomad/remote worker
Register for social insurance if employed locally
Global Considerations
Whether your family or assets are in China, India, the UK, the USA, the UAE, or the EU, your situation matters. With 20+ years of experience, ProACT Partnership helps clients like you navigate the legal, tax, and residency complexities of international living.
Need Help?
For tailored advice on:
Tax returns (2023–2025)
Cyprus residency permits
Offshore investments and trusts
Cross-border inheritance and estate planning
Book a free review
Book a free review of your circumstances to help ProACT assess how we can help you.
