Cyprus: Personal Taxation
Real Estate Taxes
There is an annual real estate tax based on the market value of property (it can be divided between multiple owners): This was levied on the following scale until January 1, 2012:
|up to EUR170,860||nil|
From January 1, 2012, real estate will be taxed at as follows:
- up to EUR120,000 - 0%
- from EUR120,000 to EUR170,000 - 0.4%
- from EUR170,000 to EUR300,000 - 0.5%
- from EUR300,000 to EUR500,000 - 0.6%
- from 500,000 to EUR800,000 - 0.7%
- above EUR800,000 - 0.8%
Further property taxes between 0.1% and 0.5% per annum are levied by local authorities.
From January 1, 2012, transfer fees were abolished on new properties and halved on other properties.
There is a transfer tax on gifts of real estate within a family, but the amounts are quite small.