Taxation of Property Income
How much is tax on property income?
Residents and non-residents must pay tax on property income at standard income tax rates, and property income must therefore be included in your annual income tax declaration.
However, a 20 per cent deduction from letting income is allowed, as is any interest on a loan taken out to purchase or improve the property; there’s a further 3 per cent deduction for depreciation.
Residents must pay an additional tax at 3 per cent (known as Special Contribution for Defence) on 75 per cent of their total rental income. Non-residents are not liable to special defence contribution.
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- Accounts: How to open a bank account in Cyprus
- Cash, Cheques & Credit Cards: How to use them
- Cost of Living: What is the cost of living in Cyprus?
- Importing & Exporting Money: How to receive and transfer money
- Taxes in Cyprus: An introduction to Cyprus' tax system
- Income Tax Liability: Who is liable to pay income tax?
- Taxable Income: What part of my income is taxable?
- Taxation of Foreign Pensions: How will your pension be taxed in Cyprus?
- Taxation of Property Income: How much is tax on property income?
- Income Tax Rates: Calculating your income tax
- Calculation & Tax Return: Filing and payment
- Immovable Property Tax: Who needs to pay it?
- Capital Gains Tax: Who needs to pay it?
- Value Added Tax: Rates & Exemptions
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