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Home -> Capital Gains Tax Cyprus - Exemptions

Capital Gains Tax Cyprus - Exemptions

Capital Gains Tax in Cyprus

By Andrew Sharpe

Capital Gains Tax in Cyprus is imposed at a rate of 20% on gains from you selling (disposing of) your personal property (immovable property) located in Cyprus, including gains from shares in companies owning immovable property in Cyprus.

Exemptions from Capital Gains Tax in Cyprus

  • Shares listed in any recognized stock exchange

  • €18.086 per person as an investment allowance

  • Up to €85.430,07 maximum in the case of five years proven continued residence in the property

  • There is no tax if the property was acquired between 1 August 1980 and 13 July 1990 with foreign exchange imported into the Republic

  • Transfer arising on death

  • Various gifts and donations to governments, charities, and family. This is a complex matter, requiring a lawyer or an accountant to explain in detail correctly

Calculation of Capital Gains Tax

Capital Gains Tax in Cyprus is calculated on the total proceeds from the sale MINUS inflation, investment allowances, transfer fees, interest paid on loans, costs for any repairs and/or maintenance you have carried out on the property (so keep any invoices) and professional and legal fees. Total exemption cannot exceed €85.430,07 and is conditional on the owner having resided in the property for at least 5 years continuously before the sale of the property. Proof of this is required through electricity, water, and telephone invoices for the address of your property in Cyprus.

Capital Gains Tax Losses

Capital Gains Tax losses are calculated in the same way as gains and can be set off against capital gains in the current year and future year.

The immovable property tax is paid on 30 September every year.

See Also: Cyprus Property Lawyer | Cyprus Estate Agents | Cyprus Transfer Fees | Cyprus Property VAT | Cyprus Stamp Duty | Cyprus Council of Ministers | Cyprus Property Tax | Cyprus Capital Gains Tax | Bank of Cyprus | Mortgages in Cyprus | Purchase Contract | Cyprus Land Registry | Cyprus Chartered Surveyors | Making a Cyprus Will | Cyprus Title Deeds | Cyprus Certificate Final Approval