Cyprus Property Forum for Buyers, Sellers & Investors

Trying to ascertain liability for this tax - "relates to the value of immovable property which belongs to an individual" - is what it says on the revenue web page.
This suggests to me that it is a tax on the value of immovable property held by the individual named on the title deeds from the land registry.
Several title deeds (more than 1 plot) naming an individual will be agrigated to derive a total I/P value for that person.

So for instance say - 1 owner is named and the value 'now' is 200K that is 50K over the proposed 0 threshold = tax payable on that amount over the threshold at the appropriate band rate.

BUT if the I/P(s) is equally held by 2 people - each individuals share is only 100K which is below the threshold = no tax to pay.

I understand this is under discussion and may change significantly but is my understanding correct as the proposals are now?

Thanks
Bern

Hi Bern

You are correct. IPT is presently calculated on the total 1980 value of all the properties registered to an individual.

If a property valued at €50,000 at 1980 values as shown on its deed is jointly and equally owned (e.g. by a man and his wife), then each of their tax liabilities is calculated on half the 1980 value - i.e. €25,000.

Cheers,