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Social Insurance

Discussion forum for expats moving to or living in Cyprus.

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Social Insurance

Post Posted: Fri Aug 18, 2017 9:32 pm

Hi I wonder if anyone can help. I will be moving to a Cyprus next week. I will be working part time and I know that I will have to pay social insurance on that income. However I own a small property in the UK which I am renting out in order to pay for my accommodation & food etc in Cyprus. Do I have to pay social insurance on that money from my property as well or just the money earned from working?

Any help or advice would be appreciated.

Thank you.

 

AdeR
Newbie
Newbie
 
 
  
Re: Social Insurance

Post Posted: Thu Aug 24, 2017 7:28 pm

In my understanding your tax liability is in your country of residence therefore your income from the UK would be taxed in Cyprus.

 

Mlovatt
Newbie
Newbie
 
 
  
Re: Social Insurance

Post Posted: Fri Aug 25, 2017 10:51 am

As you are working you will have to pay Social Insurance contributions (similar to National Insurance in the UK).

After you have been living in Cyprus for 183 you will need to transfer from the UK tax system to the Cypriot Tax System. Until then you will be liable for any income in the UK to be taxed at UK rates. The personal tax level is currently €19,500 per annum so if all your work earnings are less than this you will not have to pay any tax in Cyprus. However, the fact that you will be receiving income from overseas means that you will have to be registered for tax and complete an annual tax return. The Cyprus tax year runs from 1st January to 31st December each year. Advisable to get an accountant when you get here and they can deal with the tax for you.

The social insurance is in a separate office near to the main CYTA telephony office in Paphos. If employed your employer will get you a social insurance number and if self employed you will need to go there.

Also as part of the process of moving to Cyprus you will need to make an appointment with the Immigration Office within 90 days in order to get your Yellow Slip which is a residency requirement. You go to the office with your passport and will be given an appointment and a list of documents you need to bring to the interview which takes place approx 3-6 weeks later (depends on how many applicants they have).

This is the simplified version - perhaps someone who is actually done a similar thing can give more detailed information.

Good Luck in your move to Cyprus!

 

Talagirl
Newbie
Newbie
 
 
  
Re: Social Insurance

Post Posted: Tue Sep 19, 2017 8:56 am

Thanks for your replays everyone. It is much appreciated.

 

AdeR
Newbie
Newbie
 
 
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