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Under the Cyprus Law of Taxation 2002:
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- A person could receive tax relief benefits in case that he starts paying premium for life insurance and the amount of premium is not more than 7% of the coverage provided by the life insurance scheme.
- A person could receive tax relief benefits for the 1/5 of his annual taxable income.
- For the tax relief procedure to be valid, any person who starts a life insurance scheme must keep it activated for at least 6 years. In the case where the person terminates the programme, then he is obliged to return a part of the amount gained from tax relief.
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The government provides a beneficial present that we could take advantage of it. By activating a programme which provides tax relief benefits, then you can have life insurance, consistent savings and tax relief, all in one and at the same time.
Ask for a free individual tax analysis and be informed about your tax relief allowance.
The government gives money and it encourages you to be insured. What do you think? Are you interested?
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