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Taxation
Immovable Property Tax
An annual tax is applied to houses and land (immovable property)
based on the nominal market value at 1st January 1980. If
the property exceeds a value of CYP£100.000, the property
tax is payable on the excess value at the following rates:
| Property Value CYP
£ |
Tax Rate |
Tax CYP £ |
| 0 - 100,000 |
0% |
Nil |
| 100,000 – 250,000 |
0.25% |
250-625 |
| 250,000 - 500,000 |
0.35% |
875-1750 |
| 500,000 and above |
0.4% |
Upwards of 2000 |
This tax may be applied to a purchaser of a property prior
to the transfer of the property into their name. Once the
transfer has been effected it is possible to reclaim the tax
paid.
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