Cyprus Immovable Property Tax
Cyprus immovable property tax is paid by every registered owner once a year. It is calculated on the market value of the property as at 1 January 1980. Therefore, unless your property is worth today more than €1,700,000 you will have no, or very little, tax to pay. See table below for Cyprus immovable property tax rates with examples
|
Value of Property
|
Tax %
|
|
Up to €170,860.14
|
0
|
|
€170,860.15 to €427,150.36
|
2.50
|
|
€427,150.37 to €854,300.72
|
3.50
|
|
Over €854.300,73
|
4.00
|
Example: If your house were worth €250,000, at the 1980 value, you would pay Cyprus immovable property tax at the rate of 0.0025 (per thousand) on the last €79,139.86 only, with the first €170,860.14 being exempt.
€79,139.86 x 0.0025 = €125 yearly.
This information is provided as a guide only ALWAYS get independent legal advice in Cyprus if you are buying a property in Cyprus.
We have more advice about property purchase information in Cyprus, Stamp Duty & Ttle Deeds, House Insurance and how they build a house in Cyprus.