Cyprus: Immovable Property Tax
Contributed by A.I.Kitsios LLC
25 July, 2014
Immovable Property (Tax) Law recent amendments (amending Law 108(I)2014):
Immovable property tax for the year 2014 will be calculated based on the immovable property market value (as valued by the Land Registry Office), as at 1/1/1980.
The immovable property tax payment deadline is 30 November 2014.
“Immovable Property” definition used in Immovable Property Tax Law which defines which property is subject to immovable property tax, is widened to include land created after backfilling of the sea and “marine areas” (as defined in the Regulation of Marinas Law of 1977).n.b. What comes under the Immovable Property definition is subject to immovable property tax.
There is a promotional discount 15% of the tax due, if immovable property tax is paid on or before 31 October 2014.
Concerning land on which a building has been built and sold and for which no Title Deeds have been issued, or where Title Deeds have been issued but the transfer in the name of the purchaser has not been completed, the owner of the said developed land, may submit to the relevant Land Registry no later than 31 March of each year, information concerning the developed land and the relevant purchase agreement made. For 2014, such information must be submitted within 45 days from the date the enforcement date of the amending law.
If the owner successfully makes its submission to the Land Registry, then the respective purchaser, transferee or beneficiary will be liable to pay the relevant tax instead of the owner.
This provision does not apply where the completion of the transfer delay is caused by the owner or where the owner is a company under liquidation.
22 July 2014
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