Immovable Property Tax in Cyprus 2016 : There have been recent amendments to the tax system of Immovable property in Cyprus. These changes have already been published to the Official Gazette of the Government of the Republic of Cyprus and came to decrease the tax for immovable property for the tax year 2016 by up to 75%. Furthermore the abolition of immovable property tax follows as from the tax year 2017.
Immovable Property Tax in Cyprus 2016 : Tax calculations
The tax on immovable property is calculated and imposed on an annual basis. The amount varies depending on the market value each property owner holds, either an individual or legal entity.
The following rates apply:
For property Value:
Up to €40,000, rate of 0.6% is applicable
From €40.001 up to €120.000, rate of 0.8% is applicable
From €120.001 up to €170.000, rate of 0.9% is applicable
€170.001 – €300.000, rate of 1.1% is applicable
€300.001 – €500.000, rate of 1.3% is applicable
€500.001 – €800.000, rate of 1.5% is applicable
€800.001 – €3.000.000, rate of 1.7% is applicable
Over €3.000.001, rate of 1.9% is applicable
For property value which is less than €12.500 then no tax is applicable.
Immovable Property Tax Law amendments
Any tax dues for the tax year 2016 that are settled by the 31 October 2016 receive a discount of 75% with the remaining payable amount of 25%. Any tax dues for the tax year 2016 that are settled during the period 1 November 2016 – 31 December 2016 receive a discount of 72.5% with the remaining payable amount of 27.5% Additional charge of 10% is applicable on the tax due of 27.5% for those who do not settle their obligation by the end of year 2016. The applicable tax above is fully abolished as from 1 January 2017.
For more information and details about Cyprus Tax Rates, and VAT Tax Rate and registration please get in touch with our office. If you want to do some reading on the subjects of Cyprus Tax Rates or Vat Registration please follow the links.
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