Imposition of a 0,4% contribution on sale of immovable property in Cyprus
From 22 February 2021, a contribution of 0,4% is imposed on the sale of immovable property in the Cyprus.
The proceeds will go toward supporting refugees and owners of inaccessible immovable property, in an attempt to compensate for the inability to possess or use the land in the occupied Cyprus areas.
The contribution of 0,4% is payable by the seller of the property and it is imposed on the sales of:
- immovable property located in the areas controlled by the Republic of Cyprus and
- shares in a company that owns such immovable property (in Cyprus), provided that the buyer takes control of the company. For the calculation of the contribution, the value of the shares equals the latest valuation of the immovable property by the Department of Lands and Surveys
