Cyprus Limited

Easily CalculateYour Cyprus Net Salary

With the Cyprus salary calculator, you can quickly and easily calculate your net salary, tax, and contribution burden. Try it out!

Cyprus Net Salary Calculator

This calculator is free of charge and refers to residents of the Republic of Cyprus (EU). The result serves as an example only, and we do not guarantee the accuracy and timeliness of the result. Last update: August 2024

Cyprus Net Salary Calculator Advantages

Get Detailed Insight.

The calculator was primarily developed to help company founders choose their salaries and estimate total costs. However, it is also helpful for young or foreign professionals to determine what net wage they can expect in Cyprus.

Get Your Net Salary

Before you go into salary negotiations, check what gross wage you can get by with.

Social Insurance

Find out how much you or your company have to pay monthly for social insurance and health care in Cyprus.

Personal Income Tax

Estimate your personal income tax in Cyprus based on gross salary.

Employee vs. Employer

Learn about the differences in social insurance contributions between an employee and employer.

Non-Dom

Compare and calculate how you can benefit as a Non-Dom in Cyprus.

Foreign Professionals

Decide whether moving to Cyprus is worth it from a net income point of view.

Gross Salary vs. Net Salary: The Basics

Your gross salary is the total amount you earn before any deductions. This is the figure you see in your employment contract. However, your net salary, which is the amount that lands in your bank account each month, is typically lower due to various deductions. These deductions include personal income tax, social insurance contributions, and contributions to the Cyprus General Healthcare System (GHS).

Understanding Social Insurance Contributions

In Cyprus, employees and employers contribute to the Social Insurance Fund, which finances various benefits, including pensions, unemployment, and maternity leave. As of 2024, the employee’s contribution rate is 8,8% of the gross salary . This percentage is deducted directly from your salary each month.

Social Insurance Contribution Rates
Contribution Rate Cap
Self-employed individuals 16,6 % € 62.868
Employee 8,8 % € 62.868
Employer 8,8 % € 62.868
Redundancy Fund (Employer) 1,2 % € 62.868
Human Resource Development Authority Fund (Employer) 0,5 % € 62.868
Social Cohesion Fund (Employer) 2 % no cap

For instance, if your gross monthly salary is €2.000 (with an annual income of €24.000), your social insurance contribution would be €176 monthly. Over a year, this adds up to €2.112.

Calculating Your GHS Contributions

The General Healthcare System (GHS) in Cyprus provides universal health coverage to all residents. Contributions to the GHS are also deducted from your gross salary. As of 2024, employees contribute 2,65% of their gross salary towards the GHS.

General Healthcare System Contribution Rates
Contribution Rate
Every self-employed on his emoluments 4 %
Every employee on his emoluments 2,65 %
Every employer on his employee’s emoluments 2,90 %
On the pension income of every pensioner 2,65 %
On earning income (e.g. rent, dividends, interest, etc) 2,65 %

Taking the same example of a €2.000 gross monthly salary, your GHS contribution would be €53 per month, totaling €636 annually.

Calculating Your Income Tax in Cyprus

Personal income tax in Cyprus is progressive, meaning the more you earn, the higher the percentage of your income tax. For 2024, the tax rates are structured as follows:

To calculate your income tax, determine your taxable income first. This is your gross salary minus any allowable deductions or exemptions, such as contributions to provident funds or pension schemes. Once you have your taxable income, apply the appropriate tax rates to each portion, starting from the lowest bracket upwards. The sum of these amounts will be your annual tax liability.

In our ongoing example, your gross salary is €24.000. Applicable deductions include social insurance, GHS, life insurance, and other funds. Based on our previous calculation, you have a taxable income of €21.252 when you deduct the social insurance and GHS results. You will pay:

For a better understanding, let’s take a closer look at the result table of our income tax calculator:

Income tax example for a 24.000 Euro gross salary

Based on the table, the first €19.500 of €21.252 earned is taxed with €0. The remaining €1.752 is taxed at 20%. This results in a total annual personal income tax of €350,40, or €29,20 per month.

Bringing It All Together: From Gross to Net

To calculate your net salary, start with your gross wage and subtract the personal income tax, social insurance contributions, and GHS contributions.

For example, if your gross monthly salary is €2.000, and using the figures from the examples above:

Your total monthly deductions would be €258,20. Subtracting these from your gross salary, your net salary would be €1.741,80.

Understanding these calculations helps you know how much of your earnings go towards taxes and social contributions and how much you take home. For quick results, enter your monthly gross salary into our tax calculator.

Suppose you are the director of a Cyprus limited company. You will find more examples in “How do I calculate my managing director salary?”