Capital Gains Tax

Capital gains tax (CGT) 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 in Cyprus and not listed in any recognised stock exchange.

Exemptions

The following disposals of immovable property are not subject to CGT:

  • 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 the transfer
  • gift by a family company to its shareholders, if the company had also acquired the property in question via donation. However if the shareholder disposes the property within 3 years then the shareholder will not be entitled to the deductions listed below
  • gifts to a charitable organisation or the Republic
  • exchange or disposal under the Agricultural Land (Consolidation) Laws
  • exchange provided the gain is used for the acquisition of new property. The gain derived from the exchange reduces the cost of the new property and the tax is paid when the latter is disposed expropriations transfer of ownership or share transfers in the event of company reorganisations

 

Deductions

The following deductions exist for individuals:

  • sale of own residence ( under certain conditions)
  85.430
  • sale of agricultural land by a farmer
  25.629
  • other sales
 17.086

The above exemptions are granted only once for easch taxpayer and not for eac sale. The maximum that an individual can claim a combination of the above is €85.430

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