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Individuals' Deductions


Rate %

Expenses of rented property

20% of the rents

Interest paid in respect of rented buildings


Subscriptions to unions or professional associations


Donations to approved charitable institutions, supported by receipts


Social insurance contributions, life insurance premiums and contributions to approved pension funds or medical funds

Up 1/6 of taxable income before the deduction of these allowances

The life insurance should be taken on the taxpayer’s life and not on his/her spouse’s. The allowance granted for insuring the life of the spouse is still valid for policies effected before 1 January 2003


The annual premiums are restricted to 7% of the insured amount


In the case of cancellation of a life insurance policy within 6 years from the day of its issue, a percentage of the premiums, which were previously allowed, is taxable as follows:

-Cancellation within 3 years
-Cancellation from 4 to 6 years


For more detailed information about Income Tax, please either scroll up or down this page (quicker) or click below to go to the relevant section:

Tax Charge | Definition | Exemptions | Capital Allowances | Individuals' Deductions | Companies' Deductions | Not - Allowed Deductions | Individuals Tax Rates | Corporate Tax Rates | Special Tax Rates | Tax Losses

For more detailed information about the Tax Law - Tax Facts, please either use the main menu on the left or click below to go to the relevant section (quicker):

Income Tax | Defence Fund Contribution | Social Cohesion Fund | Social Insurance | Capital Gains Tax | Immovable Property Tax | Stamp Duty | Stock Exchange Special Levy | Value Added Tax | Ship Management Services | Shipping | Double Taxation Agreements | Tax Calendar

Contact one of our officers to initiate the incorporation of a Cyprus registered company and start reaping the full benefits of an onshore, low-tax, EU jurisdiction. Simply fill in the contact box below or contact us by email on
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