Property Taxes, Fees, RatesImmovable Property TaxThe annual immovable property tax is imposed on the market value of the property as at 1st January 1980 and applies to the immovable property owned by the taxpayer on 1st January each year.
Capital Gains TaxOn gains from disposal of immovable property situated in Cyprus, capital gains tax will be imposed at the rate of 20% with the first € 17.086,14 being exempt for each person. The gain is the difference between the sales proceeds and the original cost of the property. In the case of a property which was purchased before 1/1/1980, the gains are the difference between the sales proceeds and the market value of the property as of 1/1/1980. The seller is entitled to a further allowance regarding the transfer fees paid, inflation rate per year and the cost of any additions made to the house. Gains from the disposal of a private residence are exempt up to € 85.430,07 in total if the owner resides in it continuously for at least five years prior to disposal. Gains from the disposal of a dwelling house are exempt up to € 85.430,07 in total if the owner resides in it continuously for at least five years prior to disposal. Stamp Duty on ContractsThe purchaser is liable for the payment of stamp duty on the purchase price of the property at the rate of € 1.5 per thousand up to € 170.860,14 and thereafter at the rate of € 2.0 per thousand. This should be paid within 30 days from signing of the contract of sale. For example if the purchase price is € 256,290.22
Estate Duty Estate Duty tax has been abolished as from the first of January 2000 Local Authority Taxes & RatesA rough guide could be approximately € 85 - € 260 per year depending on the size of your property. This tax is for refuse collection, street lighting, sewerage, etc. The basic utilities, electricity, water and telephone are payable individually in accordance with the consumption and based on a meter reading. |