PROPERTY IN CYPRUS
Immovable Property Tax
The immovable property tax is based upon the value of the property on the 1st of January 1980. If the value of the property at that time exceeds € 170.860,14, then the registered owner of the property must pay immovable property tax according to the following scales:
of property at 01/01/1980 (Euros)
| 170,860.15 - 427,150.36
| 427,150.37 - 854,300.72
Capital Gains Tax
Capital gains tax is imposed on the gains accruing to any person from a disposal of immovable property. Capital gains tax is imposed at the rate of 20% on the gain.
The following allowances are given:
a) €17,086.01 personal allowance (can be used
b) €85,430.07 from the disposal of a dwelling
house, provided that the house was the
main residence of the
taxpayer for a total period of not less that five years
loans to non-residents for purchase of property
The commercial Banks in Cyprus are in a position
to examine requests for loan facilities to non-residents
for the purchase of immovable property in Cyprus. The
loan repayments must be made in foreign currency.
above information has been compiled as a general set
of guidelines only and for most of the procedures mentioned
it would be advisable to seek legal advice.