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CYPRUS PROPERTY TAX (CYPRUS IMMOVABLE PROPERTY TAX)
Cyprus property tax (Cyprus Immovable property tax) is calculated on the market value of the Cyprus property as was on the 1st of January 1980 and applies to immovable property owned by taxpayers on the 1st of January each year and is payable on the 30th of September of the same year. For the immovable property tax for the year 2016, any payments made until 31/10/2016 it is provided a discount of 75% and for any payments made after 1/11/16, it is provided a discount of 72.5%. In addition, any payment that will take place after 31/12/16, are out of date and a 10% penalty plus interest from 1/10/2016 will be imposed. The law was abolished from 1 January 2017.
Cyprus Property Tax Rates
The Cyprus property Tax is calculated in accordance with the following rates:
| Value of Cyprus property | |||
|
From |
Up to |
Rate |
Accumulated Cyprus Immovable Property Tax |
|
€ |
€ |
% |
€ |
|
0 |
40.000* |
0,60 |
240 |
|
40.001 |
120.000 |
0,80 |
880 |
|
120.001 |
170.000 |
0,90 |
1.330 |
|
170.001 |
300.000 |
1,10 |
2.760 |
|
300.001 |
500.000 |
1,30 |
5.360 |
|
500.001 |
800.000 |
1,50 |
9.860 |
|
800.001 |
3.000.000 |
1,70 |
47.260 |
|
3.000.001 |
Over |
1,90 |
|
* When the value of the property does not exceed the €12.500 no tax is imposed.
Exemptions
Agricultural land used as such by its owner is exempt from Immovable Property Tax. Public cemeteries, churches and other religious buildings, public hospitals, schools, buildings owned by the Government, embassies, and consulates, common use areas, properties under Turkish occupation, preserved buildings and buildings used by charities are also exempt from Immovable Property Tax.
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For more information please contact
Email: info@pkf-nic.com
Last update: March 2022
The authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.
Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.
PKF Cyprus firms are member firms of the PKF International Limited network of legally independent firms and do not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.
