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Cyprus: Personal Taxation

Real Estate Taxes

Nationwide immovable property tax (real estate tax) was abolished with effect from 1 January 2017.
Previously, it was based on the market value of property and was levied on the following scale from 1 January 2012 to 31 December 2016:

up to €40,000

0.4%

From €40,000 to €120,000

0.6%

From €120,000 to €170,000

0.8%

From €170,000 to €300,000

1.1%

From €300,000 to €500,000

1.3%

From €500,000 to €800,000

1.5%

From €800,000 to €3,000,000

1.7%

Over €3,000,000

1.9%

 

Local authority property tax has been reorganised with effect from 1 January 2017. The taxable amount of the property was previously based its 1980 market value. This has been updated to the 2013 market value. In some cases, particularly those where the land was previously undeveloped, the amount of tax payable has increased substantially.

The rate of local authority property tax tends to range around 0.2% per annum. There is also a transfer tax on gifts of real estate within a family, but the amounts are quite small.

 

 

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