Immovable Property Tax in Cyprus
Legislation
The relevant legislation was the Immovable Property Tax, chapter 322 of the laws.
Meaning of immovable property
For the purposes of the tax, immovable property was land, trees, water, rights in water, vineyards, buildings and other structures.
Certain types of property were not included in the definition. These included places devoted to religious worship, cemeteries, schools, and land registered as common-use pasture land.
How much?
The rate was 2 per thousand of the value given by the Department of Lands and Surveys (DLS) on 1 January 1980.
Abolition
The immovable property tax was abolished in Cyprus on 1 January 2017.
Importance
Before it was abolished, the tax was an important annual financial obligation for property owners. When this tax was annulled, the appeal of investing in land significantly increased. Now, the tax is part of the history of land ownership and taxation on the island.