The Tax Department of the Republic of Cyprus has issued a press release regarding the payment of tax on real estate for 2015.
Who has to pay tax on property in Cyprus?
Those who on the 01.01.2015:
- had real estate registered in their name or;
- had acquired real estate with a purchase/concession agreement (even if the property was not registered on their name) or;
- had real estate with lease agreement, which had been submitted to the Land Registry.
- AND the purchase value of the property exceeded the amount of €12 500 on the 01.01.1980.
Payment Deadline: 31.12.2015.
Discount for the payments taking place before the 01.12.2015:
- 20% for the payments carried out electronically and at the Banks;
- 17,5% for the payments at the District Tax Offices.
Penalties for late payments (after the deadline - 31.12.2015):
- 10% on the payable tax, interest and fines as provided by the Law.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.