Cyprus: Worked Example of Tax on Rent
In Depth
- Overview
- Price History
- Rental Yields
- Taxes and Costs
- Tax on Rent (Example)
- Buying Guide
- Landlord and Tenant
- Inheritance
- Living There
- Useful Links
- Country Statistics
Find Property
Directory
Global Statistics
Regional Statistics
- Sq. M. Prices
- Rental Yields
- Rents
- Price/Rent Ratio
- Price/GDP per Cap
- Buy/Sell Costs
- Rental Income Tax
- Capital Gains Tax
- Price Change 1 yr
- Price Change 5 yrs
- Landlord & Tenant Law
- GDP Per Capita
- GDP/Cap Growth 1 yr
- GDP/Cap Growth 5 yrs
- Economic Freedom
- Ec. Freedom 5 yrs
- Competitiveness
- Property Rights Index
- Currency +/- Value
Last Updated: Sep 29, 2006
Tax Example: Rent
| Non-resident couple's joint monthly rental income1 | €1,500 | €6,000 | €12,000 | |
| Annual Rental Income | 18,000 | 72,000 | 144,000 | |
| Less Standard Costs (20%)2 | (3,600) | (14,400) | (28,800) | |
| = Taxable Income | 14,400 | 57,600 | 115,200 | |
| Income Tax Rates3 | ||||
| Up to CYP10,000 | nil | - | - | - |
| CYP10,000 – CYP15,000 | 20% | - | 3,482 | 3,482 |
| CYP15,000 – CYP20,000 | 25% | - | 1,340 | 4,354 |
| Over CYP20,000 | 30% | - | - | 13,662 |
| Annual Income Tax Due | - | €4,822 | €28,029 | |
| Tax Due as % of Gross Income | nil | 6.70% | 19.46% | |
Thanks to: |
||||
DISCLAIMER: The information contained above is marketing material only and is not written tax advice directed at the particular facts and circumstances of any person and should not be relied upon. We encourage you to discuss your particular situation with us or an independent tax advisor. This information was last updated on September 29, 2006.
Notes
1 The property is jointly owned by husband and wife, but then taxed separately (50% upon each partner).
2 A standard deduction of 20% of the gross rental income is allotted for income-generating expenses.
2 Exchange rate as of 20 June 2006: €1 = CYP0.57423.
Post a comment
Subscribe to our Newsletter!
Enter your email address to sign up.
RSS
Your Comments
posted by Sidney Tuck | 2008-06-04
Retired, England
We found your site very interesting, but need to make sure we intepret the figures correctly.We own a villa which we rented out for one year at CYP£600 per month. Looking at your calculations it looks as if our tax liability is nil if as non-residents,we pay tax in Cyprus and not in England.Is this correct?Many thanks for your reply in advance.