Immovable Property Tax

The annual immovable property tax is calculated on the market value of the property as at 1st January 1980.

Capital Gains Tax

On disposal of the property, capital gains tax will be payable at the rate of 20% on the gain with the first CYP10.000 being exempt for each person. The gains are the difference between the sales proceeds and the original cost of the property. In the case of a property which was purchased before 1/1/1980, the gains are the difference between the sales proceeds and the market value of the property as of 1/1/1980.

On top of this allowance, the seller is entitled to a further allowance regarding the transfer fees paid, inflation rate per year and the cost of any additions made to the house.

Gains from the disposal of a dwelling house are exempt up to CYP 50.000 in total if the owner resides in it continuously for at least five years prior to disposal.

Stamp Duty

The purchaser is liable for the payment of stamp duty at the rate of 1.50 CY Pounds per thousand up to the value of 100.000 CY Pounds and thereafter at the rate of 2 CY Pounds per thousand.

This should be paid within 30 days of signing a purchase contract.

For example if the purchase price is CYP 150. 000

Real Estate Duty

Real Estate Duty tax has been abolished as from the first of January 2000
(Statute No.78(1)/2000).

Local Authority Taxes & Rates

A rough guide could be approximately EURO 80 -280 per year depending on the size of your property.

This tax is for refuse collection, street lighting, sewerage, etc.

The basic utilities, electricity, water and telephone are payable individually in accordance with the consumption and based on a meter reading.