CGT on sale of my primary residence in Cyprus

[svnose@gmail.com]

Hello,

I am selling my home in Cyprus and my lawyer says I have to pay CGT. Is this true?

I have searched the internet and I cannot find anything.

Please help

Richard

[Nigel Howarth]

Hello Richard and welcome to the forum

Yes, you're liable for Capital Gain Tax when you sell your home.

CGT is calculated at 20% of the gain adjusted for inflation and allowable expenses.

You will get a basic allowance of €17,086.01, but if you can prove it's been you permanent residence for a minimum of five years, there's a lifetime allowance of €85,430.07.

(If you bought in joint names, you'll each get the basic allowance. The lifetime allowance is a one-off - if you sell a second home you'll get no more CGT allowance.)

On top of the above, there are other allowances that you can use to offset your liability. These include: Property transfer fees, estate agent’s fees (if you use a registered estate agent), legal Fees, interest paid if you used a loan to buy the property, and extra works.

To get an accurate figure, you'll need the services of an accountant.

Regards,