Cyprus (Turkish) » Taxes

Capital Gains Tax	Immovable Property Tax	Real Estate Transfer Tax	VAT

Capital Gains Tax

On disposal of the property, capital gains tax will be payable at the rate of 20% on the gain with the first C£10,000 being exempt for each person. There is also an indexation allowance.

Immovable Property Tax

The annual immovable property ownership tax is based upon the value of the property.

Real Estate Transfer Tax

Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the purchaser. This can be done as soon as the relevant Government Authority has issued the title deed and the purchase has been completed. The Transferee is responsible for the tax payment. The rates are on a graduated scale.

VAT

Residential rentals and sales are subject to 15% GST.