Cyprus Tax Matters - Useful Tax and Financial Information
Did you know that the 1st of January 2008 sees the introduction of VAT on land in Cyprus? Beat the deadline by buying before prices rise yet again.
Click here for information.
The underlying consideration on which the Cyprus Tax law is fundamentally
based is residency.
Please note that as this content can change according
to the government directives and subsequent budget
alterations, it is advisable that care must be undertaken
at all times ensuring that the information is checked
at the relevant time.
(However, the content has
been updated and is correct as at 29th December
2007)
Cyprus Tax Definitions
For information regarding the definitions
of some commonly used terms in respect to Cyprus
Tax, please click
here
Cyprus
Tax Definitions clearly lays out the meanings
of various terms you are likely to encounter during
the course of a property purchase in the Republic
of Cyprus.
Don't pay high street banking rates for your foreign
currency
Click
here to find out more.
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VAT on Land in Cyprus
The introduction of VAT on Land in Cyprus, which is set to coincide with the Euro's adoption as the Republic's currency, is set to help fuel property price rises during 2008. However, our portfolio still contains a small number of VAT-Free properties in Cyprus, despite the fact that VAT on homes was introduced in May 2004.
More about VAT on Land...
Cyprus Income Tax
For information on Cyprus
Income Tax on individuals
please click
here.
This section also gives information regarding the
Republic's PAYE system, tax information for rents
and interest as well as the Special Defense Contribution.
Click
here for 'Mortgages
and Legalities'
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Cyprus Corporation Tax
We disclose the tax a company will pay in our Cyprus
Corporation Tax section with reference to dividends,
interests on rent, and profits from abroad, with a special reference
to carrying losses forward.
The section also supplies information on the various
aspects of taxation on profit for companies, including
rents, dividends and profits from abroad. For further information,
please click
here.
Cyprus Capital Gains Tax
The implications of Cyprus
Capital Gains Tax for individuals and for companies
are explained in detail, in this section.
Capital Gains Tax in Cyprus is rather lower than it is in the United
Kingdom. Various exemptions are also available. Click
for more...
Cyprus VAT
Cyprus VAT,
which is currently set at 15%, as well as assorted other tax matters
are covered by us. For information, please click
here.
Other matters, such as the terms and conditions in relation to the
registration of a new Limited Liability Company and the Social cohesion
fund are also covered in this section.
Cyprus Tax Matters - It pays to stay informed, especially about VAT on Land
January 1st 2008 not only sees the introduction of the Euro as Cyprus' official currency, it also sees the beginning of a new real estate tax; VAT on land in Cyprus.
Currently, this tax is set at 15%, but there is still a certain amount of speculation about the final rate, which may range from 12% to 20%, depending on the Cypriot government's final decision.
Whatever the final tax rate, VAT on land will have a profound impact on property prices across the Republic of Cyprus, and anyone who buys before its introduction is effectively in for an automatic gain in the new year.
Contact us for more information about Cyprus tax matters or any other aspect of buying a home in the Republic.
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