The Cyprus Council of Ministers has approved proposals to amend the immovable property tax regime. The proposals include:
- Replacing the current progressive property tax rates of 0.6% to 1.9% based on 1 January 1980 market values with a flat 0.05% rate based on 1 January 2013 market values;
- Abolishing the property taxes collected at the municipal and community level; and
- Making permanent the 50% transfer fee reduction for immovable property, which is scheduled to expire the end of 2016.
Th…