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Tax Issues - Buying Property articles
Personal Income Tax Individuals who are not tax residents of Cyprus are taxed on certain income accrued or derived from sources in Cyprus. All Cyprus tax residents are taxed on all chargeable income accrued or derived from all sources in Cyprus and abroad. A person is regarded to tax resident in Cyprus if he/she spends in Cyprus more than 183 days in any calendar year.    Taxable Incom...
Favourable taxation to Pensioners Foreign pensions: up to €3.417 zero taxation Over €3.417 at 5% Personal Tax related to Property • No capital gains tax if property is situated abroad. If situated in Cyprus is 20%; first € 17.086 exempted; max €85.430 • Rental income: 80% taxable for income tax purposes, subject to tax deductible expenses • Rental income: 75% taxable fo...
Immovable Property Tax Immovable Property Tax is imposed on the market value as at 1 January 1980 and applies to the immovable property owned by the taxpayer on 1 January of each year. This tax is payable on 30 September each year. Physical and legal persons are both liable to Immovable Property Tax. Property value €  Rate ‰  Tax €  Accumulated Tax € ...
Τhe net profit from the disposal of immovable property is estimated by deducting from the disposal price the market value as at 1.1.1980 or the purchase cost if the immovable property was built after this date, as adjusted for inflation based on the retail price indexes and is taxed at 20%. Lifetime Exemptions to individuals:   Profit €  On the disposal of any property&n...
For those buildings for which an application for a town planning permit was submitted prior to the 1.5.2004, no VAT is charged in the event of a sale. For those after the above date, a VAT of 19% is charged. In case of a house purchase which is classed as the main/permanent resident of the purchaser, and provided that it is not larger than 250m², the VAT is refunded up to 10% (out of the 19%). This means that the VAT ...
Cyprus has Tax Treaties with 34 countries for the avoidance of double taxation of income earned. This means that those who are residence in Cyprus, can choose to be taxable in Cyprus and not in the country of origin, where tax rates are normally lower. Pensioners who are resident in the Republic and receive pension in Cyprus are liable to tax only if it exceeds €3.417 a year and the exceeded amount is charged separ...