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Generic Tax Name Tax on real estate - Immovable property tax
Tax name in the national language Φόρος Ακίνητης Ιδιοκτησίας
Tax name in English Immovable property tax
Member State CY-Cyprus
Tax in force since 1980/01/01
If abolished, date on which the tax ceases to apply
Business version date 2015/01/01
Version date 2015/02/17
This file was last updated on

Type of tax
Direct taxes Personal income tax
Corporate income tax
Other

Indirect taxes VAT
Excise duty (EU harmonised)
Alcoholic beverages
Energy products and electricity
Manufactured tobacco
Other

Social security contribution Employers
Employees
Other
 
Legal base

Law No 24/1980 as amended.

 
Who sets
The tax rate is set by




The tax base is set by




The reliefs are set by




Comments
 
Beneficiary





Comments

 
Geographical Scope

The Republic of Cyprus.

 
Taxpayers

The owner (individual/legal persons) of immovable property in Cyprus.

 
Tax object and basis of assessment

The market value of the immovable property on the 1st January 1980.

 
Deductions, Allowances, Credits, Exemptions

Exemptions

  • public burial ground
  • church chapel, mosque, meeting house or premises or such part thereof as shall be exclusively appropriated to public religious worship
  • premises used as public hospitals
  • immovable property
    • belonging to the Republic
    • education buildings registered to District Lands Office
    • embassies/consulate/official residence of the diplomatic representative of the state
    • common pasture ground
    • recorded or assigned ab antiquo for the common use of a community
    • belonging to a municipal corporation or a public utility body
    • situate in areas inaccessible due to Turkish invasion
    • subject to Prevention Order made under the Town and Country Planning Law 1972 and 1982
    • premises used exclusively for the main purposes of any charitable institutions of a public character supported mainly by donations or voluntary contributions and belonging thereto
    • agriculture immovable property (excluded when the owner lives in the property)
 
Rate(s) Structure

 

From  2013       €0 €    40,000   6‰
€    40,001 €   120,000   8‰
€   120,001 €   170,000   9‰
€   170,001 €   300,000 11‰
€   300,001 €   500,000 13‰
€   500,001 €   800,000 15‰
€   800,001 €3,000,000 17‰
€3,000,001 19‰

When the total value of the person's (individual/legal person) immovable property in the Republic, is under €12,500, it is not taxable.

 
Tax due date

30th September

Special ammendment took place for the payment of the tax for the year 2013, where the last payment date was moved to 15 November 2013. Special discount 10% if the tax amount was fully paid at once before 5 November 2013.

 

Special ammendmend took place for the payment of the tax for the year 2014, where the last payment date was moved to 31 December 2014. Special discount 15% if the tax amount was fully paid at once before 1 December 2014.

 
Tax collector

Tax Department

 
Special features

 
Economic function







Comments
 
Environmental taxes



Comments
 
Tax revenue
ESA95 code d59aa

Year
Annual tax revenue (millions)
Currency
Tax revenue as % of GDP
Tax revenue as % of total tax revenue
2012 23.50 EUR 0.12
2011 12.30 EUR 0.06
2010 14.12 EUR 0.07
2009 10.77 EUR 0.06
2008 11.74 EUR 0.06
2007 12.50 EUR 0.07
2006 10.72 EUR 0.07
2005 10.40 EUR 0.07
2004 10.20 EUR 0.07
2003 9.70 EUR 0.08
2002 8.10 EUR 0.07
2001 9.20 EUR 0.08
2000 8.00 EUR 0.07

Comments