The registered owner of the property is liable for this annual tax which is based on the value (very much lower to actual valuation) of the property as at 01/01/1980 and is as follows.

Value €                                    Annual Tax %
Up to 170.860                                  0
170.861 - 427.150                          0.25%
427.151 - 854.300                          0.35%
Over - 854.301                               0.40%

As the above tax each owner is taxed on the above scale of taxes.

Inheritance tax: Abolishing inheritance tax under Cyprus law (74/1/2000) is found to be very appealing to potential individuals wishing to invest in the island. Overseas domiciled individuals are liable to inheritance tax in the country of residence until a new domicile of choice is established in Cyprus or other. In accordance to Cyprus Laws, a person to be considered local resident should stay in the Island at least 185 days per year