Immovable Property Tax - Cyprus Property

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Cyprus Immovable Property Tax

Cyprus Immovable property tax is paid by every registered owner. It is calculated on the market value of the property as at 1 January 1980. Therefore, unless your property is worth today more than C£1,000,000 (one million), you will have no, or very little, tax to pay. See table below for Cyprus immovable property tax rates with examples.

Local Council Tax in Cyprus

Owners of immovable property also pay other taxes on their property but the amounts involved are relatively small. For example, local council tax or village rates, refuse (rubbish) collection and sewage charges will cost you less than C£200 per year. However, hefty charges are being levied for the new, national grid sewage system under construction. We paid around C£2,000 for our house over the last four years, and still the system has not reached our area, and we live in central Limassol. Government matters take time in Cyprus; it's pretty much the same throughout the whole system.

Cyprus Immovable Property Tax

Market value of property (C£) At 1 January 1980	Annual Immovable Property Tax C£/PER THOUSAND
Up to £100,000	Exempt
100,001 to 250,000	2.5/PER THOUSAND
250,001 to £500,000	3.5/PER THOUSAND
Over 500,000	4.0/PER THOUSAND

Example: If your house was worth C£150,000, at the 1980 value, you would pay Cyprus immovable property tax at the rate of 0.0025 (per thousand) on the last C£50,000 only, with the first C£100,000 being exempt.

C£50,000 x 0.0025 = C£125 yearly.

Note: Until you have received the title deed for the property in your name, you will be asked to pay immovable property tax by the registered owner until the title deed is transferred to you.

For further information on Cyprus immovable property tax contact us or please contact:

Joanna Koukounis - Lawyer - Legal Consultant - in Paphos, Cyprus.

Tel: 00357-26944077 E-mail: koukjoan@spidernet.com.cy

Click below links for any information page.

Cyprus Property Lawyer - Real Estate Agents in Cyprus - Transfer Tax-fees - VAT

Stamp Duty - Council of Ministers - Bank of Cyprus - Mortgages in Cyprus

Capital Gains Tax - Residence Permit in Cyprus

Cyprus Income Tax - Work Permit in Cyprus - Overseas Mortgages

Transfer Money to Cyprus

Andrew Sharpe, a British expatriate, has been living in Cyprus since 1977. He is married to a Cypriot and has four children. Thanks to the many years he has lived in Cyprus, he is able to offer a hands-on approach to the many unknowns that may await any prospective resident, providing a very relaxed helpful, information service for property sales. Cyprus property has offices in all the island's major towns, i.e. Nicosia, Limassol, Paphos/Pafos, Protaras, Larnaca/Larnaka and Platres. Details on property finance, property sales, laws on purchasing property in Cyprus. Regular web site updates.

E-mails replied to within 24 hours.

Cyprus Fax/Tel 0035725571715 Mobile 00357 99537985 E-mail andrew@cyprusprop.com

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