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Taxation
Capital Gains Tax
On sale of a property in Cyprus Capital Gains Tax is payable
at a rate of 20%. Relief is given for the first CYP 10,000
for each individual, and additional allowances are given for
Transfer Fees paid and other expenses in relation to additions
to the property. The Capital Gain is calculated using the
increase in value of the property minus inflation, which is
calculated form the Retail Price Index published by the Department
of Statistics.
If the property has been occupied by the owner for five years
continuously prior to the sale, then an additional allowance
of CYP 50,000 applies. This allowance is a life-time limit
of CYP 50,000 per person.
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