Real Estate taxes Cyprus

Real estate taxes in Cyprus have undergone some changes in recent years. Here's an overview of the current property taxes and fees for buyers and owners in Cyprus:
Value Added Tax (VAT)
Standard rate: 19% on new properties
Reduced rate: 5% for primary residences, subject to conditions:
Property value up to €350,000 (total transaction cost not exceeding €475,000)
Total covered area not exceeding 190 m²
Only for individuals over 18 who haven't previously purchased property in Cyprus under reduced VAT
Transfer Fees
Payable when registering property in the buyer's name:
3% on the first €85,430
5% on €85,430 to €170,860
8% above €170,860
Note: 50% reduction applies if VAT was not paid on the property
Stamp Duty
No duty up to €5,000
€1.50 per €1,000 from €5,000 to €170,000
€2 per €1,000 over €170,000 (maximum €20,000)
Local Authority Taxes
Range from €90 to €300 annually, depending on property size
Cover sewage, refuse collection, street lighting, etc.
Communal Expenses
Applicable for properties in unified complexes, costs vary widely
New Property Tax (as of 2022)
0.4% levy on the sales price, paid by the seller
Abolished Taxes
Immovable Property Tax: abolished since 2017
Inheritance Tax: abolished since January 1, 2000
It's important to note that tax regulations may change, and individual circumstances can affect the applicable taxes. Consulting with a local tax professional or real estate lawyer is advisable for the most up-to-date and personalized information.