CYPRUS PAYROLL SYSTEM
REMOTE EMPLOYERS - FROM EU / 3rd COUNTRIES
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.
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
Responsibilities of the remote employer:
- To pay its employees in Cyprus, on a monthly basis, 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.
About Cyprus Audit Services (CYAUSE Audit Services)
We provide payroll services and solutions to Remote Employers and International Interest Companies as well as hundreds of local companies on a monthly basis. Our payroll experts are using advanced payroll software to facilitate the needs of our international clients as well as their internal reporting deadlines.
Being an audit and assurance firm payroll work is a rather routine work for us. Given the popularity of Overseas Employers hiring local (Cyprus) staff, our team has also obtained expertise in registering Companies from the EU and 3rd Countries to the Cyprus Social Securities and Payroll in an accurate and timely manner.
Want to know more, feel free to contact me directly on kt@cyprusaccountants.com.cy.