In recent years the country's authorities have been actively reducing taxes in an effort to attract capital to the housing sector. Both local and foreign buyers benefit from this.
In most European countries property owners have to pay annual taxes regardless if their citizenship. Cyprus is no exception. There is no differences between locals and foreigners in terms of fines or discounts.
Immutable Property Tax (IPT)
Until 2017, the main tax levied on all property owners in Cyprus was called the Immutable Property Tax (IPT). It was paid annually until September 30 and calculated based on the cadastral value of the property (and it is 5-15 times lower than the current market value).
Since January 1, 2017, the IPT property tax has been cancelled for owners of all types of housing (apartments, townhouses, villas). Nobody can tell how long it’s going to last. Every now and then, suggestions bring the cadastral valuation in line with the market price of real estate and collect taxes from this amount are put forward. Keep an eye on the news.
The second fee is called the municipal property tax or garbage collection tax (Local property tax). These funds are used for street cleaning, sewerage, and city lighting.
Its size depends on the region where the property is located, as well as on the cadastral value. For example, the rates in Limassol are 0.024% for every thousand in the cost of housing, in Larnaca - 0.023%, in Paphos - 0.019%.
Since 2017, the part of the owners ' payments have increased several times. However, these costs are relatively small. As a rule, the payment for this tax is €50 - 300 per year.
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