Industry
Accountants for Doctors & Medical Practices in Cyprus
Tsquared helps Cyprus doctors and private clinics with self-employed tax returns, GESY income accounting, practice bookkeeping, payroll and incorporation decisions so clinicians can focus on patients.
Challenges you face - solutions we provide
The problems doctors, dentists, specialists and private clinics bring to us, and exactly how we solve them.
Guides for Doctors & Medical Practices
Accounting for GESY income
Doctors contracted to GESY must reconcile HIO payments against their patient records each month and declare that income as self-employed or company income in Cyprus.
Tax for self-employed doctors
Self-employed Cyprus doctors pay personal income tax on profits, Social Insurance and GHS contributions, and must file provisional tax and, above €70,000 turnover, audited accounts.
Incorporating a medical practice
Moving a Cyprus medical practice into a company can cut tax on retained profits to the 15% corporate rate, but doctors should compare dividend taxes, audit costs and professional rules first.
Bookkeeping for clinics
Private clinics in Cyprus need monthly bookkeeping covering patient fees, insurance receipts, GESY payments and supplier invoices to track profitability by department.
Capital allowances on equipment
Medical equipment bought by a Cyprus practice qualifies for annual capital allowances, letting doctors deduct the cost of scanners, chairs and IT over several years.
VAT and medical services
Medical care provided by licensed Cyprus doctors is VAT-exempt, but cosmetic treatments, product sales and some consultancy services can be VAT-able.
Payroll for clinics
Clinic payroll must cover nurses, receptionists and associate doctors with correct Social Insurance, GHS and PAYE deductions and monthly submissions.
Pension planning for doctors
Doctors in Cyprus can deduct contributions to approved provident and pension funds and life insurance, up to one-fifth of income, reducing their tax bill.
Foreign doctors moving to Cyprus
Doctors relocating to Cyprus can often claim the 50% new-resident exemption on employment income and non-dom status on investment income.
Deductible practice expenses
Cyprus doctors can deduct rent, staff, insurance, equipment, CPD courses and professional subscriptions from practice income when supported by invoices.
Accounting for dental practices
Dental practices in Cyprus combine VAT-exempt treatment with VAT-able cosmetic work and lab costs, so careful bookkeeping is needed to apply the right treatment.
Medical partnerships
Doctors sharing premises in Cyprus can form a partnership or service company, with clear profit-sharing and cost allocation agreed in writing.
Audit for private hospitals
Private hospitals and large clinics need statutory audits that test GESY receivables, insurer claims and inventory, which we deliver with healthcare-experienced auditors.
Provisional tax for doctors
Self-employed Cyprus doctors must estimate profits and pay provisional tax in two instalments by 31 July and 31 December, with penalties if the estimate is too low.
Talk to a Cyprus accountant this week
Free 30-minute consultation. Clear fixed-fee proposal.