CYPRUS
FACTS AND FIGURES
Total Size
Government Controlled Area
5, 456km2
Population
840, 000
Permanent Expats
trip itself is personalised, so you will have your own
representative from Leptos Estates host you during
9, 248km2
250, 000
South Africans Living In Cyprus
1, 370 (2011 census)
VAT
Standard Rate
8%
Reduced Rate 2
Accessing Europe / the Schengen States
Currently a Cypriot visa is required for anyone
wishing to enter Cyprus excluding UK, US and EU
citizens and passport holders. Although Cyprus
is a full member of both the EU and the Schengen
Agreement, they have not yet signed the Schengen
border/passport control addendum; however this is
imminent. Acquiring permanent residency in Cyprus
equates to automatic entry into Cyprus; and when the
Schengen addendum is signed, access will extend to
the other Schengen States.
18%
Reduced Rate 1
5%
Zero Rate
0%
PERSONAL TAX
Up to €19, 500
0%
€19, 501 - €28, 000
20%
€28, 001 - €36, 300
25%
€36, 301 - €60, 000
30%
€60, 001 +
35%
CGT
20%
Exempt : transfer on death; gifts between spouses,
parents, children & relatives up to 3rd degree etc.
Deductions
1st €85, 430
ESTATE DUTY
Nil
PROPERTY TAX
Annual Immovable Property Tax (rates)
VALUE OF PROPERTY
%
TAX
CUM. TAX
€1 - €40, 000
0.6%
€240
€240
€40, 001 - €120, 000
0.8%
€640
€880
€120, 001 - €170, 000
0.9%
€450
€1, 330
€170, 001 - €300, 000
1.1%
€1, 430
€2, 760
€300, 001 - €500, 000
1.3%
€2, 600
€5, 360
€500, 001 - €800, 000
1.5%
€4, 500
€9, 860
€800, 001 - €3, 000, 000
1.7%
37,
900€
€47, 260
€3, 000, 001 and over
1.9%
TRANSFER DUTY
VALUE OF PROPERTY
%
TAX
CUM. TAX
€1 - €85, 000
3%
€2, 550
€2, 550
€85, 001 - €170, 000
5%
€4, 250
€6, 880
€170, 001 +
8%
CORPORATE TAX
12,5%
the trip in order to make your time both an enjoyable
and rewarding experience. Your agent will be at your
disposal to address any queries that you may have on
a one-on-one basis.
As a permanent resident in Europe, staying in
any country in the EU is limited to 90 days at a
time. This is a border / passport control requirement
to monitor movement and is applicable to all EU
permanent residents.
Looking ahead
Cyprus’ real estate environment hasn’t been as
dramatically affected as the rest of Europe because of
its small size in comparison and the limited supply of
land. On the contrary, the lifestyle aspects of the island,
strong tourism industry, stable economy and booming
natural gas industry make this island an investor’s
paradise and an ideal place to acquire residency.
In Cyprus the lifestyle really is the best of the best.
Living is laidback - you set your own pace. And what
better place to do this, than where the blue skies
meet the Mediterranean Sea: on the beautiful island
of Cyprus.
RESOURCES
Cypriot Realty
42
Offshore Handbook 2013
www.reimag.co.za