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Selling property in Cyprus

Capital Gains Tax

Capital gains tax is paid on gains arising from the sale of the property at a rate of 20%, with the first CYP 10,000 being exempt for each person, as investment allowance. Proceeds from the sale, less the cost of the property, professional and legal fees, commission, interest paid, inflation allowance and investment allowance. The investment allowance is granted only once, unless it has not been exhausted at the first sale, in which case any balance would be carried forward.

Gains from the sale of a dwelling house are exempt up to CYP 50,000 in total if the owner resides in it continuously for at least five years prior to disposal.
The following categories are exempted from Capital Gains Tax:

Example of Capital Gains tax calculation:

Proceeds on sale of propertyCYP 200,000
Cost of acquisitionCYP (100,000)
Inflation allowance CYP 100,000 x 52.67%CYP (52,570)
Gain on the sale of property =CYP 47,300
Less Investment allowanceCYP (10,000)
Taxable Gain on sale of property =CYP 37,300
Capital gains tax due = CYP 37,300 x 20% =7,460

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Goods Eligible to Import Free of Duty

Intending residents are persons who are residents abroad and satisfy the director of Customs that they intend to live in Cyprus permanently. These individuals are allowed to import free of duty the following goods: Click here to go back

Prerequisites for the Granting of Relief are that the Goods:

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