What taxes do I pay if I sell any immovable property owned in Cyprus?

20% tax (Capital Gains Tax) is imposed on the gains arising on the disposal of immovable property. Lifetime exemption amounting to €85.340 is deducted from the taxable capital gain on the disposal of private principal residence. (Note: properties sold abroad are not taxed in Cyprus)

Who is considered to be a Cyprus tax resident?

Tax resident in Cyprus is considered an individual who:

a) spends more than 183 days in Cyprus in any one calendar year or;

b) spends minimum 60 days in Cyprus and must not be tax resident in any other country (minor other rules apply).

Why would I give a power of attorney to my lawyer in Cyprus?

This makes the transaction much easier and faster as buyers or sellers don’t have to be in Cyprus for the duration of the transaction.