Payroll & Social Insurance in Limassol
Cyprus payroll requires monthly calculation of employee income tax (PAYE), social insurance contributions (currently 8.8% employee + 8.8% employer), General Healthcare System contributions, and various sector-specific withholdings. Most Cyprus accounting firms offer payroll services alongside bookkeeping, typically priced per employee.
Cyprus payroll obligations
Employers must calculate and remit monthly: employee income tax under PAYE (deducted at source based on employee tax code), social insurance contributions of 8.8% employee + 8.8% employer (capped at €62,868 annual salary base for 2024), General Healthcare System (GESY) contributions of 2.65% employee + 2.9% employer (on income up to €180,000), Redundancy Fund 1.2% employer, Industrial Training Fund 0.5% employer (some sectors), and Human Resource Development Authority 0.5% employer (most sectors).
Total employer cost above gross salary is approximately 14-16% depending on applicable funds.
Filing and reporting
Monthly filings via the Social Insurance Services portal are due by the 10th of the following month. Late filings attract fines and interest. Annual employer certificates (Form IR63) summarising employee tax and social insurance withholdings must be provided to employees and filed with the Tax Department by 31 May of the following year. Employees requiring tax adjustments can submit revised TD59 tax code requests to their employer.
Payroll service pricing
Cyprus payroll service pricing is typically per-employee per-month. Standard rates: 1-10 employees €15-€30 per employee/month; 11-50 employees €10-€20; 50+ employees €7-€15. Additional charges may apply for payslip distribution, direct bank transfers, bespoke reporting, or annual returns. Setup fees typically €200-€500.
Firms specialising in Payroll & Social Insurance
8 firmsMulti-practitioner firms with documented practice in Payroll & Social Insurance, ranked by claim status, listing completeness, and client rating.
P. Constantinou is a certified public accounting and audit firm based in Limassol, Cyprus. They offer a full range of professional services including audit, tax, corporate services, and business advisory. The firm is a member of The Financial Group International and leverages an international network of associates.
A&C Christofi Ltd is a Cyprus-based firm of Certified Chartered Accountants and Registered Auditors, providing accounting, audit, tax, payroll, business advisory, and other professional services to SMEs and individuals. With over 17 years of experience, they emphasize human-centered advisory and technology-enabled efficiency.
M.T. Michaelides Co Ltd is a Cyprus-based firm of chartered certified accountants offering audit, accounting, tax, and business advisory services. It is a member of INTEGRA International since 2004, providing international reach.
Anthimos Leonidou & Partners Ltd is an independent firm based in Limassol, Cyprus, established in 1987. It provides a wide range of financial services including accounting, audit, taxation, and consulting to individuals and corporate clients locally and internationally. The firm has 45 professionals and is a member of ICPAC and ACCA.
K.P. Masterchart Ltd is a Cyprus-based professional services firm offering audit, accounting, tax, and consultancy services. They specialize in International Business Companies (IBC) and have a team of qualified accountants. Their client portfolio spans various industries including trading, shipping, and finance.
Founded in 1992, P & P Advisory Services Ltd is a Cyprus-based firm offering accounting, audit, tax planning, corporate services, and consulting. As a member of INPACT International, they combine local expertise with global reach to serve a diverse range of industries.
Baker Tilly South East Europe provides assurance, tax, advisory, and specialist consulting services across Cyprus, Greece, Bulgaria, Romania, and Moldova. The firm emphasizes a people-first approach and aims to help clients grow by anticipating future challenges. It is a member of Baker Tilly International.
Andersen Business Audit Services Limited is a Cyprus-based audit firm providing audit & assurance, taxation, accounting, consultancy, and other corporate services. The firm is committed to helping businesses reach their true potential through long-term relationships and high-quality service.
Independent specialists
186Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
Certified Public Accountant · Limassol
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Frequently asked questions
What is the total employer cost of hiring in Cyprus?
On top of gross salary, employers typically pay 8.8% social insurance, 2.9% GESY, 1.2% Redundancy Fund, and 0.5-1% training funds — total 13-14%. Salary above the social insurance ceiling (€62,868 in 2024) has reduced employer costs (GESY only above ceiling). Example: €30,000 gross salary costs employer approximately €33,900-€34,200.
Can I pay my employees monthly, weekly, or fortnightly?
Cyprus employers can choose payment frequency, though monthly is standard. Payment must occur by the last working day of the pay period. Employment contracts should specify the pay frequency and date.
Are directors treated as employees for payroll purposes?
Executive directors who receive salary are treated as employees for PAYE and social insurance. Non-executive directors receiving director fees may be treated differently — sometimes as self-employed for social insurance, sometimes as employees depending on the arrangement. Specialist advice is recommended for board fee structuring.
How does the 13th salary work in Cyprus?
The 13th salary (Christmas bonus) is not statutorily required in Cyprus but is customary in many sectors. Where included in employment contracts or collective agreements, it is paid before Christmas and is subject to standard tax and social insurance. Some contracts also include a 14th salary paid at Easter.
Do I need to enrol employees in a pension scheme?
Cyprus does not have auto-enrolment pension legislation like the UK. State pension is provided through the Social Insurance system. Employers may voluntarily offer private pension schemes (occupational pensions) — these are increasingly common as recruitment tools but not mandatory.