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
|
|
171.861 - 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) can be found very appealing to potential individuals wishing to invest on the island. UK domiciled individuals are liable to inheritance tax in the UK until a new domicile of choice is established outside the UK. Please note that under UK law it is quite difficult to change your domicile, but however, not impossible.
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