The tax rates applicable on immovable property situated in Cyprus
have been amended as follows:
Tax bands (based on 01.01.1980 value)
Tax rate % (for the year 2013)
Tax rate % (for the year 2012)
€1 - €40.000 6%o (min. tax €75) 0%o
€40.001 - €120.000 8%o - 0%o
€120.001 - €170.000 9%o - 4%o
€170.001 - €300.000 11%o - 5%o
€300.001 - €500.000 13%o - 6%o
€500.001 - €800.000 15%o - 7%o
€800.001 - €3.000.000 17%o - 8%o
Over €3.000.001 19%o- 8%o
In the event where the outstanding tax is not settled by the relevant
deadline as specified by the Law, then a monetary charge of 10% will
be imposed on the amount of the tax due.
In the event where the outstanding tax is settled 30 calendar days prior
to the relevant deadline as specified by the Law, then a discount of
10% will be granted on the amount of the tax due.
The Law will enter into force as from 1 January 2013.