Immovable Property Tax 2012

Immovable Property Tax is imposed on the market value as at 1 January 1980 and applies to the immovable property owned by the taxpayer on 1 January of each year.
This tax is payable on 30 September each year. Physical and legal persons are both liable to Immovable Property Tax.

Estate Duty

Estate duty has been abolished as from 1 January 2000.
The executor/administrator of the estate of the deceased , is required by the Deceased Person’s Estate Law, to submit to the tax authorities a statement of assets and liabilities of the deceased within six months from his/her death.

Immovable Property Transfer Fees

No immovable property transfer fees are payable in the case of reorganization of companies.

In the situation of transferring of immovable property to a family company and provided the shareholders remain members of the same family, then after the passing of 5 years the immovable property transfer fees are being refunded.

In the case of property transferred from a company whose shareholders are spouses and/or their children, to one of the two spouses, or their children or to third degree of relation the transfer fees are calculated on the value of the property as follows:

• if the transfer is to spouse - 8%
  • if the transfer is to child - 4%
  • if the transfer is to a relative - 8%

Also the following rates are applicable in the case of free transfers:

• from parents to children - 4%
  • between spouses - 8%
  • between third degree relatives - 8%
  • to trustees - €8,54

Value in these cases is the one written on the title deed which refers to values of the year 1920.