From the beginning of 2022 to the end of 2024, the Cypriot government will be able to collect €55.5 million in property taxes from property owners.
This was announced recently by Finance Minister Makis Keravnos.
Recall that in 2022 Cyprus introduced a new tax on the sale of property. Now all transactions on the sale of housing will be subject to an additional levy of 0.4%.
By design, all the funds will go to the Central Agency for Equal Burden Sharing - a special fund to support Greek Cypriot refugees from 1974 who do not have access to their properties in the occupied areas.
Incidentally, the tax is levied on all transactions involving the sale/transfer of immovable property, as well as on the transfer of shares in companies owning immovable property, if, as a result of the transfer of shares, the purchaser becomes the controlling owner or user of the property in question.
The seller of immovable property is obliged to pay the tax and the Commissioner for Taxes and Duties is obliged to collect the new tax.
It should be noted that the 0.4% tax will apply retroactively from 22 February 2021. The Tax Commissioner has the right to sue those who have not paid their debts to the tax authorities.
You can find out how much you owe on the website of the Tax Administration under the heading 'Status of Debt'. You can also make an online payment there. You can also pay your debts by visiting the district offices of the Tax Agency and providing the staff with all the necessary information.