New Cyprus Tax to be only on Property € Millionaires?

The details of the announcement made by Cyprus Finance Minister Charilaos Stavrakis at the turn of the year now seem to be dripping out slowly, slowly in the spirit of the Cypriot maxim “sigar sigar”.

There are now reports on the internet that the Cyprus Government has stepped in to now assure Cyprus property owners, both those resident in Cyprus and Cyprus holiday home owners that the new Immovable Property Tax, calculated at 2010 and not 1980 values, will only kick in at € one million.

Previously it was thought that the new Immovable Property Tax would not be levied on any home owners at all but just on land either earmarked for or in development.  But then Cyprus Government Ministerial comments in the Cyprus Press seemed to suggest that only non resident property owners would be liable or may be just those with large property portfolios.

Things still do not seem 100% certain with so many options having come to the fore from Ministers already since the original announcement which started the “hares running” because there was no technical detail revealed at the time.

There will be a further update from The Cyprus Informer once a Cyprus Government Press Release has been made which hopefully will be technically rich.

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