Cyprus Immovable Property tax guidance
Cyprus immovable property tax for the year 2014 is due for payment until the 30th of November this year.
The Cyprus Immovable Property tax is based on the total market value at 1 January 1980 for all properties held by each owner. These values appear on the title deed with reference at 1 January 1980. It may, however these values have been revised due to the meanwhile building / construction of additional premises executed after the date of valuation of 1 January 1980 from the Land Registry.
The Inland Revenue Department is planning to send the relevant taxes in the month of August. Along with the Immovable Property Tax notice, a detailed statement of each property owner will also be attached as per the files of the Department of Lands and Surveys.
If the statement does not include all the Cyprus Immovable properties or if property owned in Cyprus with 1 January 1980 values is over €12.500 and no tax assessment have been received, or if there is a disagreement on the ownership of these properties, The District Offices of the Department of Inland Revenue must be attended.
If the resulting Cyprus Immovable Property tax is paid at least one month before the deadline for payment that is paid until 31 October 2014 then it will be a discount of 15% on the outstanding amount. Otherwise if the payment is made after 30 November 2014, there will be an additional charge of 10% of the tax due, plus interest and any administrative fines provided for in the legislation.
New buyers of Cyprus Immovable Property should go to the District Offices of the Department of Inland Revenue (Immovable Property Department) to settle these issues.
For those Cyprus Immovable properties that no title deeds have been issued to the buyers, transferees or beneficiaries on ‘fault of the owner, the above provision will not apply.
Cyprus Immovable Property Tax can be paid to the District Offices of the Inland Revenue Department (Tax Collection Department), presenting the immovable property tax assessment. 2014 Cyprus Immovable Property Tax can also be paid through the website www.jccsmart.com, and Cyprus banks. Taxpayers wishing to pay via the website www.jccsmart.com, they must enter the No. JCCSmart indicated on the Immovable property tax notice and pay using their credit card. Taxpayers wishing to pay via Cyprus banks should have with them the Immovable Property Tax assessment, their Identity Card and the tax amount in cash or their credit card.
Please click here to see Cyprus Immovable Property Tax Rates
How we can help
We can help you fulfill the tax obligations of your Cyprus Immovable Property with the Inland Revenue Department.
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(Published: 1 August 2014)