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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
EUR170,861-427,150 0.25%
EUR427,151-854,300 0.35%
Above EUR854,300 0.4%

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.



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