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Introduction
Legal Information:
Legal System
VAT
Property Taxes -
Fees/Rates
Acquiring
Title Deeds
Stamp Duty
Local Authority Taxes
Residential Permits
Tax
Financial Information:
Mortgage
Paying your Property
Selling you Property
Currency & Banking System
Other Information:
Duty Free Privileges
Household Pets
Medical Services
Schools
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Immovable Property Tax:
(Law 24/80 2002)
The registered owner pays immovable Property Tax annually. The rates are as follows:
Property Value Cy£ Rate %
Up to 100,000 Exempt
100,000 – 250,000 0.25
250,001 – 500,000 0.35
500.001 and above 0.45
LOCAL AUTHORITY TAX:
Properties taxes are paid to the Local Authorities, which covers the cost of, refuse disposal, street lighting, sewage etc. This could range between Cy£50 - Cy£150 per year, depending on the size of your property.
CAPITAL GAINS TAX:
It is levied at the rate of 20% on gains arising from the disposal of immovable property. As a general rule, the gain is the difference between the sales proceeds adjusted by a cessation allowance, less the original cost of the property, capital improvements and transaction costs of the sale. Generous exemptions also in place, e.g. net capital gains up to CY10.000 earned from the disposal of your residence
INHERITANCE TAX:
On the 1st January 2000, Law 74(1)/200) came into force. This law abolished all obligations to pay inheritance tax regardless of size of the estate. The fact that there is no Inheritance Tax to pay under Cyprus law is encouraging to invest in the island.
last updated: November 2006
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