Does Cyprus have property taxes?

Yes, property owners in Cyprus are subject to various taxes levied on their properties. These taxes include immovable property tax, municipal taxes, and capital gains tax. Immovable property tax is an annual tax imposed on the market value of immovable property owned by individuals or legal entities in Cyprus. The tax rate varies depending on the property's value and location, with higher rates applicable to properties in urban areas or with higher market values. Municipal taxes are local taxes imposed by municipal authorities on properties located within their jurisdiction. These taxes fund local services and infrastructure projects and are calculated based on the property's annual rental value. Capital gains tax is a tax levied on the profit generated from the sale of property or other assets. The tax rate and exemptions vary depending on factors such as the length of ownership, the type of property, and the seller's residency status. It's essential for property owners in Cyprus to understand their tax obligations and comply with all relevant tax laws and regulations to avoid penalties or legal issues.