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Property Tax In Cyprus To Be Cancelled

Posted by Michael on July 22, 2016
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Positive Vibes From the Parliament. Property Tax In Cyprus Will Be Terminated!

It all started when the leader of DISY Mr Averof Neofytou suggested this change to the Cyprus Parliament and Council Of Ministers. Stating clearly that property tax in Cyprus must be abolished as it benefits no one and burdens even more the citizens. On the contrary you could see the investors taking a step backwards and thinking about investing in Cyprus.

With this change the Government of Cyprus shows a will that only a few could show.  The property tax will :

  • Have a discount of the range of 75% regarding the year 2016
  • Will be completely cancelled from January of the year 2017

A huge step forward to a new era of development and investment on the Island. Benefits will arise from the aforementioned changes and will hopefully lead Cyprus out of the recession crisis. The property market was the first to take a hit and was massively affected with price and demand hitting almost the bottom.

Will this be beneficial in general ? Time will show but for now we can only see positive possibilities in our near future.

Contact us now if you would like to find out more on property investment possibilities.

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