Cyprus Remote Employer Payroll Solution (for EU Companies)
Cyprus have introduced the remote employer scheme where an EU Company can hire anyone in Cyprus without the need of establishing a Cyprus Branch or a Cyprus Subsidiary Company.
These are great news, as the Overseas Employer will only need to assign this task to a Regulated Audit and Assurance firm like Cyprus Audit Services, which in turn, will gather all paperwork and register both the employer and the candidate with the Cyprus social securities and local income tax office.
Once the remote employer and candidate are registered for payroll purposes, the remote employer will have to comply with the local tax and regulations.
So here are some of the main responsibilities of the remote employer:
- To pay its employees in Cyprus, on a monthly basiss, as per employment contract
- To pay monthly payroll taxes such as: Social Security, National Healthcare and Pay As You Earn Tax (PAYE)
- To provide monthly payslips to the employees
So the requirements are pretty standardised; there is really nothing unusual requested of an overseas employer here in Cyprus. In fact both the local as well as the overseas employer are obliged to follow the same rules, regulations and filing requirements.
Feel free to contact us for a free consultation and we will be more than happy to assist you.
Important Note:
Remote employers outside the EU must follow a different route as
they are required to establish a Cyprus Company or a Cyprus branch
and then employee staff working in Cyprus.
Want to know more details?
We have already created several videos in our youtube channel
called Cyprus Accountants Academy and several articles about Cyprus Payroll which can be
obtained here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.