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Capital Gains Tax

Capital Gains Tax is imposed at the rate of 20% on gains from the disposal of immovable property situated in Cyprus including gains from the disposal of shares in companies which own such immovable property excluding shares listed in any recognized stock exchange.

Exemptions

  • Transfers arising on death.
  • Gifts made from parent to child or between husband and wife or between up to third degree relatives.
  • Gifts to a company where the company’s shareholders are members of the donor’s family and the shareholders continue to be members of the family for five years after the day of transfer.
  • Gifts by a family company to its shareholders provided such property was originally acquired by the company by way of donation.  The property must be kept by the donee for at least three years.
  • Gifts to charities and the Government.
  • Transfers as a result of reorganizations.
  • Exchange or disposal of immovable property under the Agricultural Land (Consolidation) Laws
  • Expropriations
  • Exchange of properties provided that the whole of the gain made on the exchange has been used to acquire the other property. 

Determination of capital gain

The costs that are deducted from gross proceeds on the disposal of immovable property are its market value at 1 January 1980 or the costs of acquisition and improvements of the property if made after 1 January 1980 as adjusted for inflation up to the date of disposal on the basis of the consumer price index in Cyprus.

The following expenses are not considered expenses wholly and exclusively for the production of the profit and are not deductible:

  • Immovable Property Tax
  • Immovable Property Fees
  • Sewerage Council Fees

Deductions

Individuals can deduct from the capital gain the following:

 
Disposal of private residence (subject to certain conditions) 85.430
Disposal of agricultural land by a farmer 25.629
Any other disposal 17.086

The above exemptions are only given once and not for every disposal. An individual claiming a combination of the above is only allowed a maximum exemption of €85.430.

 

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