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IMMOVABLE PROPERTY & ESTATE DUTY

Immovable Property Tax

Immovable Property Tax is abolished as from 1 January 2017.

 

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

The transfer fees are paid by the acquirer to the Department of Land and Surveys on transfers of immovable property on values estimated by the Department of Land and Surveys.

Market Value € Rate % Fee € Cumulative fees €
0-85.000 3 2.550 2.550
85.000-170.000 5 4.250 6.800
170.001 and over 8 ....... .......

 

Immovable Property Transfer Fees

Transfers relating to properties that are subject to VAT will be exempt from the above transfer fees and transfers relating to properties that are not subject to VAT will be eligible for 50% exemption from the above transfer fees.

In the case of free transfers of property between the following parties, the transfer fees are calculated on the value of the property as at 1 January 2013 at the following rates:

 from parents to children  Nil
 between spouses  0,1%
 between third degree relatives  0,1%
 to trustees  €50

No immovable property transfer fees are payable in the case of a qualified reorganization, a qualified loan restructuring or in the context of bankruptcy, liquidation and disposal of mortgaged immovable property by the lender.

 

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Office Locations

Head office

2 Christ. Sozos Str. Eiffel Tower, 1096 Nicosia, Cyprus
P.O.Box 21855, 1514 Nicosia, Cyprus

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District  offices

Limassol / Lemesos
Paphos / Pafos