Insider Business Huge salaries for 'golden boys'

Huge salaries for ‘golden boys’

A total of 664 ‘golden boys’ employed in Cyprus in recent years had an annual remuneration in excess of €100,000.

Some of them are still in Cyprus, earning amazingly high salaries. Golden salaries start from €100,000 and exceed €2 million.

‘Golden boys’ are mainly executives of multinational companies attracted to Cyprus by the scheme on offer providing tax exemption of up to 50% of their income to foreign employees. Tax Department data shows that 16 of them had annual earnings in excess of €1 million.

Specifically, pay for multinational business executives in Cyprus between 2012 to 2017 were as follows:

— 495 executives were paid between €100,000  and €199,999 annually

— 79 executives were paid between €200,000 to €299,999  annually

— 27 executives were paid €300,000 to €399,999 annually

—17 executives were paid from €400,000 to €499,999 annually

—30 executives were paid from €500,000 to €999,999 annually

—Eight executives had annual earnings ranging from €1 million to € 1.9 million

—Another eight executives earned salaries in excess of €2 million

Tax Department shows that 16 executives with salaries over €1 million have been employed on the island since 2012. Also, of the 664 golden boys, the majority of them and specifically 216, took up their positions in Cyprus in 2016.

A total of 136 executives of multinational companies came to Cyprus in 2015 and another 104 in 2017. The remaining 208 began employment in Cyprus between 2012 and 2014.

The total annual income for the above mentioned 664 executives amounted to €172.8 million. Of these, 424 are employed at big organisations and private companies with a total annual income of €108.5 million.


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