Under the Cyprus 'Immovable Property Tax' laws all property owners, regardless of whether they're resident in Cyprus or not, are liable to pay an annual tax based on the total value of all the immovable property registered in their name.
Cyprus' property tax is calculated on the market value of the property as at 1st January 1980 and is paid annually the Inland Revenue Department.
Individual owners are exempt from this tax if the 1980 value of their property is less than €170,860. As a result, you are extremely unlikely to pay (unless you have bought property valued in millions at today's prices). The tax is payable on the 30th of September of each year. Natural and Legal persons are both liable to this tax.
The purchase of property is one of the biggest investments that an individual or a company can make. Our team acts in both commercial and residential property transactions and offers a comprehensive, personal service of excellence, reflecting the scale of the investment our clients are making.
Whether we are acting for a seller or a purchaser, at the core of our property services is a professionalism which permeates every aspect of advice we give to our clients. We understand that a client needs to know that the title to their future purchase has been fully investigated, he/she needs to know that the advice he/she is receiving is fully independent and we offer clients an unrivalled level of professional service which embraces every aspect of the property purchase process.
We also comprehend a client’s need to be kept informed and remain in touch with our clients every step of the way through a property transaction, ensuring they are fully appraised and content with progress.
We are able to assist clients on a variety of real estate matters, including:
- Purchase and sale of residential property
- Purchase and sale of commercial property
- Landlord and tenant
- Property transfer
- Property disputes
- Property tax issues