What are the immovable real estate tax rates in Cyprus?
Immovable Real Estate Tax in Cyprus has actually been abolished in 2017. No property tax is made it possible for at the momment.
For academic objectives, Please read listed below the plan as it was; prior to its abolishment.
Immovable Property Tax is imposed on the market value as at 1 January 1980 as well as puts on immovable property situated in Cyprus had by the taxpayer on 1 January of annually. Physical and also legal owners are both reliant Immovable Property Tax.
Based upon the current act that gone by the Cypriot House of Representatives on 14th of July 2016 proprietors must pay just the 25% of the tax examined from the table below. Hence a 75% price cut is used.
Immovable property tax is payable on 31st of October 2016.
The existing bands as well as rates for Immovable Real estate tax for buildings located in Cyprus are per the table listed below, which apply per owner, not per property.
Individual proprietors are exempt from this tax if the 1980 value of their property is less than EUR12,500. The value of each property – when it comes to the duration of 1980 – is presented on the tittle act.
(Assessed at 1 January 1980)
Over € 3,000,000