Property Tax Benefits

25 Aug 2020

Property Tax Benefits Cyprus
Property Tax Benefits Cyprus
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Cyprus is an ideal location for traveling to Europe, Asia, Gulf region and Africa, located in the middle and with two international airports is a paradise.

EU members do not have any restrictions for acquiring property in Cyprus. Non EU
members must obtain the permission of the Council of Ministers in order to acquire property.
Some requirements to obtain permission are:

 An apartment, or a house, or a plot of land of maximum 4,014sq.m for the erection of only one house for use as a residence only by the purchaser and his family. Non-EU citizens are allowed since 2013 to own two properties, which can be two residences or one residence and commercial premises with a floor area up to 100 square meters.

▶ The Cyprus Department of Lands and Surveys, is one of the most advanced and reliable
systems in the world and the longest established government department. Cyprus has the lowest corporate tax in Europe with 12.5% and no inheritance tax amongst its favorable provisions to businesses and entrepreneurs. In Cyprus, the holder of the title deed is the sole legal owner and freeholder of the property. Moreover, Cyprus has double taxation treaties with more than 60 countries including China, Russia, India, Ukraine, Egypt, USA, Canada, UK, Scandinavian countries, Qatar, Iran, Lebanon.

Cyprus is becoming the new energy hub for Europe, with large quantities of
hydrocarbons having been discovered off its shores which puts Cyprus into the property
investors’ radar.

Last, but not least are the advantages for Individuals

• No Inheritance tax
• No gift tax between family members
• No immovable property tax
• Discounted VAT for the first purchase of a private residence (up to 200sq.m. in size) in the
Republic of Cyprus is reduced to 5% (14% discount from 19%)

• No Transfer Fees will be payable for properties which are subject to VAT.
• Deduction of €85,430 from capital gains tax for the disposal of private residence
• No capital gains tax for companies that sale property outside of Cyprus
• Tax motives for employees who relocate to Cyprus earning more than €100.000

You can contact us for more details.

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