Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


On July 3rd, a new real estate tax bill has been approved by the Cyprus Government regarding the exemption of Immovable Property Tax (IPT).

NEW REAL ESTATE TAX BILL PASSES 1The bill allows owners of property with a value less than €200,000 to be exempt from paying IPT. Those with property of a value over €200,000 will be subject to an IPT levy of 0.1%.
Currently, IPT is calculated on the basis of 1980 valuations, subjecting property owners to tax bills between 6% and 19%.
Property valuations have now been revised to reflect 2013 valuations and not older, therefore the Government has decided to adjust tax brackets respectively.

Up to a significant 54% of property owners will be exempted from taxation this year, compared to 40% of the same last year.
Government has, reportedly, managed to reduce tax deficiencies and increase tax-exemption borders without affecting revenue targets for 2013.