TAX FREE PROPERTY INCENTIVES
Dear Cyprus Property BUYERS,
Re: Do not waste your TIME and MONEY Searching for Property Taxes Info,
CYPRUS: TAX FREE PROPERTY Incentives for the year 2016.
News / NO BETTER TIME TO BUY PROPERTY IN CYPRUS
NEW GENEROUS TAX INCENTIVES FOR PURCHASING PROPERTY IN CYPRUS.
The Cyprus government has recently introduced new tax laws incentives to make Cyprus even more attractive for purchasing property, effectively giving investors TAX -FREE PROPERTY PROFITS until the end of 2016. The aim of the revised law is to modernize the property tax system in Cyprus and to encourage economic activity in the area of real estate.
NINE PROPERTY TAX INCENTIVES:
For Property transfers up until the 31st December 2016:
▪ Zero Transfer Fees on property where VAT is applicable after 2/12/2011.
▪ 50% reduction on Transfer Fees for property with no VAT applicable.
The Parliament has approved the bill for the reduction of the property transfer fees by 50% which will apply to all property sales and registrations of leases or subleases that take place until 31 December 2016.
Moreover, the bill abolishes the transfer fees payable on transfers of property from parent to child as well as the fees payable when properties of an equal value are exchanged.
2. CAPITAL GAINS TAX
Zero capital gains tax on sale of property purchased property between 16th July 2015 and 31st December 2016.
3. REDUCED VAT
Property purchased for first time Buyers for for the purpose of use as the primary and permanent place of residence a 5% VAT rate ( not 19%.) is applicable (on application). It is no longer required (as it was previously) to become a permanent resident first and then to apply for the special rate of 5% Cyprus Property VAT
4. THE IMMOVABLE PROPERTY TAX / REDUCTION
- The Immovable Property Tax is being Reduced by 75 per cent for the year 2016.
- The Immovable Property Tax will be abolished for the year 2017
- Low Corporate Tax @ 12.5%
- No Inheritance Tax
( Abolished as of 1st January 2000 )
- No Wealth Tax
- No Estate Duty Tax
- Double Tax Treaties with more than 50 Countries
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B.Sc.Hons.(Econ) – UK,
SCV – Senior Certified Valuer
Specialist in Limassol Properties,
Lemesos , Cyprus