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Property Taxes, Fees,
Rates
Immovable Property Tax
The annual immovable property
tax is calculated on the market value of the property as at 1st
January 1980.
| Market value of property (CYP) |
Annual Property tax (%) |
| up to 100,000 |
exempt |
| 100,001 to 250,000 |
2.5 |
| 250,001 to 500,000 |
3.5 |
| over 500,000 |
4.0 |
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.
For example if the purchase price
is CYP 150. 000
| first CYP 100 000 1.5‰ |
CYP 150 |
| next CYP 50 000 2.0‰ |
CYP 100 |
| Total CYP 250 |
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Estate Duty
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 CYP 50 -150 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. |
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