What do I need to pay if I am selling property in Cyprus?

The following is an indicative list of the things you may have to pay when you are selling your property in Cyprus:
-Legal fees, VAT and disbursements (e.g. for the certification of documents)
-Any outstanding mortgage
-Balances to utility authorities, local authority taxes (e.g. refuse and sewage) and management committee (if in a building block or project with communal areas)
-Agent’s commission
-Immovable Property Tax (IPT) if you held the property
In addition, the law provides that every seller of property must deliver an Energy Efficiency Certificate but some buyers don’t insist on this.

What happens if change my mind after paying the reservation deposit of a property?

Typically, a property buyer who backs down after paying a deposit loses the deposit.

What is the corporation tax rate in Cyprus?

The normal corporation tax rate stands at 12.5%. However, as a tax incentive from the government regarding Intellectual Property (IP), Cyprus offers an 80% income tax exemption for worldwide royalty income generated from IP owned by Cypriot resident companies, net of any direct expenses.

Intellectual Property (IP): Cyprus offers an 80% income tax exemption for worldwide royalty income generated from IP owned by Cypriot resident companies, net of any direct expenses.

What is the Cyprus title deed procedure?

The process of property development starts with an application for the division of the land in order to become a plot suitable for construction. Then planning and a building application must be obtained prior to start the building. As soon as the construction finishes, the authorities will examine that construction has been made according to the licenses and that all terms of the licenses have been observed and if everything is ok they will issue the final approval certificate. The separate title deeds for each property are issued after the final approval certificate. For more information as well as the reasons that complications may arise see our guide.

What taxes do I pay from inherited assets

The executor/ administrator of the estate of the deceased does not pay any taxes for the assets inherited.

What taxes do I pay if I own a property in Cyprus?

The ownership of a property in Cyprus does not result in any property taxes. In the case where the property is rented out, wear and tear of the property as well as the interest expense on borrowing obtained to buy the property are tax deductible for personal income tax purposes.

What taxes do I pay if I own and sell different types of securities (shares, bonds, debentures etc.)

An individual who is tax resident in Cyprus is taxed at 0% on profit arising on the disposal of any securities.

What taxes do I pay if I receive a lump sum (also called “efapax”) when I retire in Cyprus?

Lump sum received by way of retiring gratuity, commutation of pension or compensation for death or injuries is exempt from any form of tax.

What taxes do I pay if I receive pension from abroad?

0% up to €3.420/year and 5% flat rate on amounts over €3.420/year.

What taxes do I pay if I receive pension from abroad?

Overseas pension is taxed at 0% up to €3.420/year and 5% flat rate on amounts over €3.420/year.