Property tax solutions in Cyprus
Handling property tax is an essential part of a business’s financial responsibilities in Cyprus. This requires a thorough knowledge of the intricate regulatory framework and a careful attitude towards compliance. Our strategy is centered on aiding businesses in confidently overcoming these obstacles, ensuring they follow regulations while seeking ways to enhance tax efficiency. By emphasizing accuracy and strategic planning, we support companies in meeting their property tax responsibilities seamlessly and efficiently, offering reassurance in a continuously changing tax landscape.
Property tax rate
In Cyprus, property taxes encompass VAT on the acquisition of new properties, stamp duty on purchase contracts, and property transfer fees for transactions in the secondary market. The immovable property tax was eliminated in 2017, and there is no tax on inheritances. Income generated from rentals is taxed progressively, while a capital gains tax of 20% applies to property sales. Non-residents face the same property taxes as residents, and relief may be available through double taxation treaties. Additionally, Cyprus applies a 0.4% tax on property sales to aid housing for Cypriot refugees.
Our property tax services
We provide an extensive range of services aimed at assisting businesses in navigating the intricacies of property tax in Cyprus. Our objective is to guarantee complete compliance while enhancing your tax situation, enabling you to concentrate on expanding your business. Our offerings consist of:
Property tax compliance
Our property tax compliance services guarantee the precise preparation and prompt submission of your property tax returns in full accordance with local laws. We support you throughout the entire process, offering expert guidance on required documentation and filing deadlines. This ensures your business remains compliant and reduces the likelihood of penalties and other tax-related concerns.
Property tax planning
We offer property tax planning services designed to create strategies that minimize your property tax obligations. Our team collaborates with you to recognize and utilize any applicable exemptions and deductions. Furthermore, we help in organizing your property tax payments to make sure that your tax approach is compliant and in harmony with your broader financial goals.
Property valuation and assessment support
We provide thorough support in comprehending and handling property valuations set by Cyprus tax authorities. Our services guarantee that the appraised value of your property truly represents its market value, aiding you in preventing overpayment of taxes. Additionally, we offer advice on disputing property assessments should any differences occur.
Tax audits and representation
Should your business face a property tax audit, our property tax audits and representation services are ready to help. We aid in collecting all required documents and represent you in discussions and negotiations with Cyprus tax authorities. Furthermore, we perform pre-audit reviews to detect and resolve potential compliance issues before they escalate into major problems, ensuring your business is thoroughly prepared for any examination.
Local property tax compliance
For companies functioning in various regions of Cyprus, our local property tax compliance services guarantee that your tax submissions and payments are handled effectively in multiple jurisdictions. We offer comprehensive advice on following particular local property tax laws and regulations, assisting you in confidently managing the intricacies of regional taxation.
International property tax advisory
Our global property tax advisory service aims to support businesses that own properties in various countries in navigating the complexities of international property taxation. We provide strategic guidance on cross-border property transactions, advantages of tax treaties, and handling foreign property tax obligations to help keep your worldwide property portfolio compliant and tax-efficient. Our team assists you in structuring your international property investments for optimal tax results, focusing on important aspects like property repatriation and managing foreign tax credits.
Property tax system
Grasping the complexities of Cyprus’s property tax system is essential for businesses involved in real estate within the country. Our knowledge offers you an in-depth insight into the functioning of property tax, including the circumstances under which it is applied. We assist you in maneuvering through the thresholds, exemptions, and particular regulations that define the property tax framework in Cyprus, ensuring your business stays compliant while optimizing tax efficiency. With a solid understanding of the property tax system, you will be better prepared to make informed decisions that align with your company’s financial objectives and reduce potential tax liabilities.
Contact us
To learn more about our property services or to talk about how we can help, reach out to us.
Disclaimer
Tax laws and regulations are continually evolving and can differ depending on personal situations. The information presented here is intended for general guidance and may not represent the latest updates. It is strongly advised to seek the help of a qualified tax professional for comprehensive and current advice tailored to your specific circumstances.