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Everything You Need To Know About Real Estate Tax In Cyprus

Posted by on May 27, 2014

The taxation of real estate in Cyprus depends on the nature of the property and the status of the owner.

For residential properties, owners are required to pay annual property tax, which is based on the value of the property as determined by the government. The tax rate ranges from 0.1% to 0.2%, with the exact rate depending on the value of the property. In addition, owners of residential properties are required to pay stamp duty on the transfer of ownership, at a rate of 2% of the property value.

For commercial properties, owners are required to pay annual property tax at the same rates as for residential properties. In addition, they may be required to pay business tax, which is based on the rental income generated by the property. The rate of business tax ranges from 5% to 25%, depending on the amount of rental income.

Foreign investors who purchase real estate in Cyprus may be subject to additional taxes, such as capital gains tax and non-resident tax. Capital gains tax is levied on the sale of real estate at a rate of 20%, while non-resident tax is levied on rental income earned by non-residents at a rate of 30%.

Overall, the tax environment for real estate in Cyprus is generally favorable, with relatively low tax rates and a range of tax incentives available to investors.

Read More at VSN.Realestate

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