How does Cyprus treat foreign pensions?
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One of the advantages of obtaining a retirement permit for persons retiring in Cyprus is the low-income taxes on their pensions. Pensioners can also receive a duty-free importation of a car and other personal items into the Republic of Cyprus.
A foreign pension received in Cyprus is taxed either at a 5% flat rate for amounts exceeding €3.420 per annum or at a normal personal income tax rate.
For example, if your pension annually reaches the amount of €100.000, then you will pay taxes at the flat rate of 5% after deducting the amount of €3.420.
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DERREN JOSEPH:
If I get pension from Canada, which already has 25% withholding, does the tax free, how does the tax 3D work? So someone is sitting in Cyprus, they are Canadian, and they are getting their Canadian pension, which is something 25% on the way out to, to ride with them in in Cyprus. Would they get any sort of concessions with the tax free Mary?
MARY TRIMITHIOTOU:
Yeah. Thank you for question. Normally, as I mentioned before, we give tax credit insight for taxes paid abroad. But in this case, in case we tax the pension rate of 5%, but you have paid, let's say for example, then the maximum credit you can get is up to five.
DERREN JOSEPH:
Okay. So there will be Right, okay. Up to the 5%. Gotcha. Because treatment does reduce it to, to 5%. Okay. I hope that answers your question. So Marvin's asking whether it's a next zero, so no. Is due to Cyprus then
MARY TRIMITHIOTOU: To Cyprus? Yes. In that case, assuming that there was a reporting in Canada, 5%.
DERREN JOSEPH:
Okay, great. So, So that's good news for your mom and you're gonna be able to enjoy Cypress and receive your Pensions tax free. All right. Marvin is happy.
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