How much property tax should I pay in Cyprus? What are the immovable property tax rates in Cyprus?
Immovable Property Tax in Cyprus has been abolished in 2017. No property tax is enabled at the momment.
However, for educational purposes, Please read below the policy as it was; before its abolishment.
Immovable Property Tax is imposed on the market value as at 1 January 1980 and applies to immovable property located in Cyprus owned by the taxpayer on 1 January of each year. Physical and legal owners are both liable to Immovable Property Tax.
Based on the current act that passed by the Cypriot House of Representatives on 14th of July 2016 owners should pay only the 25% of the tax assessed from the table below. Thus a 75% discount is applied.
Immovable property tax is payable on 31st of October 2016.
The current bands and rates for Immovable Property Tax for properties situated in Cyprus are per the table below, which apply per owner, not per property.
Individual owners are exempt from this tax if the 1980 value of their property is less than €12,500. The value of each property - as for the period of 1980 - is displayed on the tittle deed.
Property Value (Assessed at 1 January 1980) | Rate % | Accumulated Tax | |
|---|---|---|---|
€12,501 | €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 |
Over € 3,000,000 | 1.90 | - | |
The information in this section is intended as a guide only and every reasonable effort was made to ensure the accuracy and the timeliness of the information. In no circumstances shall Zyprus be legally bound by any information contained in this section, and shall accept no liability whatsoever in respect of loss caused by reliance on such information.