The annual immovable property tax is imposed on the market value of the property in 1980 and is applicable on 1st January each year.

(2) Estate duty

There is no estate duty in Cyprus.

(3) Capital gains tax

On gains from the sale of property, capital gains tax will be imposed at the rate of 20% with the first €17.000 being exempt for each person. The gain is the difference between the sales proceeds and the original cost of the property.

The seller is entitled an allowance regarding the transfer fees paid, the inflation rate per year and the cost of any additions made to the house can be deducted with the necessary receipts.

Gains from the sale of a private residence are exempt up to €85.000 in total if the owner resides in it continuously for at least five years prior to disposal.

Gains from the sale of a house are exempt up to €85.000 in total if the owner resides in it continuously for at least five years prior to the sale.

(4) Stamp duty on Contracts

The purchaser is liable for the payment of stamp duty on the purchase price of the property at the rate of €1.5 per thousand up to €170.000 and thereafter at the rate of €2.0 per thousand.

This should be paid within 30 days from signing of the contract of sale.

For example if the purchase price is € 256,000

(5) Local Authority Tax & Rates

Approximately €85 - €250 per year depending on the size of the property.
This tax is for refuse collection, street lighting, sewerage, etc.
The basic utilities, electricity, water and telephone are paid individually.

Note: The figures above have been rounded down for convenience to assist in understanding the system in place and getting a close very estimate. The actual figures will be calculated by the Local or Government authorities.