The Cyprus Tax Department announced that the immovable property tax for the year 2014 must be paid until the 30th of November of 2014. If the tax is paid fully by the 31.10.2014, then the tax payer will receive a discount of 15% on the tax payable. Conversely, if the immovable property tax is paid after the deadline of 30.11.2014, then an additional 10% will be payable as a penalty.
All companies, organizations and individuals, either residing in Cyprus or abroad, who had immovable property registered in their name in Cyprus as at 1.1.2014, are subject to Immovable Property Tax, if the total value of their property on 1.1.1980 is valued over €12.500.
According to the announcement, tax assessments are due to be sent during August. In the event that not all immovable property is included within the assessment, then tax payers are obliged to file a declaration and pay the correct amount of tax. Any objections to the tax assessments must be raised before the 30.9.2014.
The announcement provides that in the event that immovable property of a deceased person remains registered in their name, the legal heirs have an obligation to pay the correct amount of tax to the Tax Department, by incorporating the value of the share of the property inherited to their declaration.
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Theodorou Law is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should be used as a source of general information only. It is not intended to give a definitive statement of the law.