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Cyprus Property News

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Cyprus Property News

Taxes slashed on Cyprus property.

Date: 15/09/16

We welcome a further evidence of the commitment of the current Cypriot government to do all it can to assist with the revival of the property market.

Latest reductions concern the taxes paid both at the time of purchase and as yearly recurring costs.

Property transfer fee paid for the transfer of title deeds from one owner to the next has enjoyed a 50% reduction for almost a year and now it is made permanent. Quite frankly, before this reduction the transfer fee was eye-watering even when the property was sold for above 170,000 Euro and the tax rate went from 3% to 5%. But when the property price was above 340,000 Euro the rate went to a bank-account-busting 8%! Transfer fees of over 25,000 Euro where paid on a contract price of 400,000 Euro… Good little business for Cypriot government, but such high fees discouraged sales and put a bit of a damper on existing owners who wished to trade up or down. It’s great news for the market in general and those who have properties without title deeds, as this 50% reduction has now been made permanent. 

Immovable property tax or IPT has been changed numerous times over the last years. Rates varying from zero to 1.9% applied to the property value in 1980, listed on all title deeds. We like the most recent change that reduced 2016 IPT to 25% of its 2015 levels. We like even better that this tax will be abolished all together in 2017. The shortfall in tax to central government will be made up mostly by efficiency savings.

With low property purchase taxes and reduction of ongoing ownership expenses, Cyprus has placed itself as a destination with some of the lowest taxes for property ownership in Europe. Great news for property owners and buyers in Cyprus!

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