Immovable Property Tax has been abolished as from 1 January 2017. Until tax year 2016, the owner of immovable property situated in Cyprus was liable to pay an annual IPT which was calculated on the market value of the property as at 1 January 1980, at the varying rates as noted in the table below, which apply per owner and not per property.
Property value (as at 1 January 1980) € |
Rate ‰ |
Accumulated tax € |
First 40.000* | 6 | 240 |
From 40.001 – to 120.000 | 8 | 880 |
From 120.001– to 170.000 | 9 | 1.330 |
From 170.001– to 300.000 | 11 | 2.760 |
From 300.001– to 500.000 | 13 | 5.360 |
From 500.001– to 800.000 | 15 | 9.860 |
From 800.001 – to 3.000.000 | 17 | 47.260 |
Over 3.000.000 | 19 |
* Property owners whose property had a total value of ?12.500 or less (as at 1.1.1980) were exempt from Immovable Property Tax from year 2013 to 2016
Exemptions
The following were never subject to Immovable Property Tax:
- Public cemeteries
- Churches and other religious buildings (partly exempt)
- Public hospitals
- Schools
- Immovable property owned by the Republic
- Foreign embassies and consulates
- Common use and public places
- Property under Turkish occupation
- Buildings under a Preservation Order
- Buildings of charitable organisations
- Agricultural land used in farming or stock breeding, by farmer or stock breeder residing in the area
To read this Report in full, please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.