Immovable property tax is imposed annually, on the market value as at 1 January 1980, and applies to the immovable property owned in the Republic by the taxpayer on 1 January of each year.

Physical and legal entities are both liable to immovable property tax.

As from 1 January 2013, the bands and rates for immovable property tax for properties situated in Cyprus have been revised as per the table below which apply per owner, not per property.

Property owners with total property value not exceeding €12.500, using values of 1 January 1980, are exempted from immovable property tax.

On 14 July 2016, the House of Representatives approved the abolishment of the immovable property tax as from the tax year 2017. This amendment was published in the Official Goverment Gazette on 25 July 2016.

Immovable property tax has been abolished with effect from 1 January 2017.

The above should be used as a source of general information only. It is not intended to give a definitive statement of the Law and is subject to the Disclaimer.

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