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Cyprus saw immovable property tax (IMT) slashed, as approved by the House of Representatives on 14 July and as reported in the Official Government Gazette. The IMT for the tax year 2016 will be reduced by up to 75% and 2017 tax year will mark the abolishment of IPT altogether.
Cyprus has been ranked the 5th best relocation destination in the world by an international lifestyle review (source: 2014 report prepared by Knight Frank, a leading independent, global real estate consultancy firm). Ranked by key business and leisure indicators, Cyprus was the only European country alongside Switzerland to make it into the top five – ahead of London, Madrid and Monaco. With at least 320 days of sunshine a year, Cyprus was classified the sunniest European location.
In July 2016, the Government of Cyprus presented amendments to the IP box regime to the House of Representatives, the revised legislation focuses taxation of income from exploitation or sale of intangible assets pursuant to the OECD BEPS, Action 5 and conforming to EU laws.
18 Nov 2016
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19 Nov 2014