Property taxes – Fees & Rates
Real Estate transfer tax-fees
|
Value of Property
Euro/CY Pounds
|
Transfer fee rate
(per hundred %)
|
|
Up to 854.430.07/50,000
|
3
|
|
From /85430.07-170860.14 /50000-100000
|
5
|
|
Over 170860.14 / 100000
|
8
|
- Stamp Duty
The purchaser is liable for the payment of stamp duty at the /1.50 pounds per thousand up to the value of 100,000 CY Pounds thereafter the rate is 2.00 pounds per thousand.
This should also be paid within 30 days of signing the contract and usually this paid by your solicitor on your behalf.
- Immovable property tax
The annual immovable property ownership tax is based upon the value of the property as at 1/1/1980.
Certain immovable properties are exempt.
|
Value of Property
Euro / Cy Pounds (CYP)
|
Annual Property tax
(rate per thousand%)
|
|
Up to 170860.14 /100,000
|
exempt
|
|
170861.85-427150.36 /100,001 – 250,000
|
2.0
|
|
427150.36 - 854300.72 /250,000 – 500,000
|
3.0
|
|
Over 854300.72 /500,000
|
3.5
|
Important !
Immovable property tax is based upon the value of the property as at 1/1/1980, which is much lower than the current market value. For an average sized villa of three bedrooms for example, the immovable property tax will be about Euro 256.29 / £150 per annum.
- Local authority taxes and rates
A rough guide could be approximately Euro 85.43-256.29 /CYP £50 - £150 per year depending on the size of your property. This tax is for refuse collection, street lighting, sewerage, etc.
The basic utilities, electricity, water and telephone are payable individually in accordance with the consumption and based on a meter reading.
- Capital Gains Tax
Capital Gains tax in Cyprus (in case of immovable property) is 20% on the profit made. There is an allowance of Euro 17086.01 / CYP £10.000 per person. Capital Gains Tax shall be paid before the transfer of the property into the name of purchaser.
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