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Purchasing costs Stamp Duty
This duty normally paid initially by the solicitor after the contract signature and invoiced to the purchaser later is levied at the following scale:
First 171,000Euros market value @ 0.15%
171,001 plus @ 0.20%
Immovable Property Tax
This is a quirk in the Cyprus Legal System and is based on the value of a property nearly thirty years ago, on the 1st January 1980.
The first 171,000 Euros is exempt, thereafter the following scale applies:
171,001Euros to 427,350Euros @ 2.5%
427,351Euros to 854,300Euros @ 3.5%
854,301 Euros plus @ 4.0%
It remains to be seen how long this tax will remain in place.
Estate Duty
Inheritance tax was abolished in Cyprus on the 1st January 2000.
(Statute No78(1)/2000.
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