Inheritance tax in Cyprus
The inheritance tax was abolished in the Republic of Cyprus on January 1, 2000, but a so-called transfer tax is levied for gifts of land between close family members .
Reporting requirement
The heir responsible for the estate is also obliged to submit a list of the estate to the tax authorities, which also includes the deceased's liabilities, within six months of the death of the deceased.
Transfer tax on family gifts
When transferring land in Cyprus, there is a transfer tax that is graded according to the land value estimated by the Land Registry Department: 3% (value 0 to 85,430 euros), 5% (85,831 to 170,860 euros) or 8% (over 170,860 euros ) is. For gifts made within the family, this tax is calculated as follows:
- Transfer between spouses: 8%
- Transfer from parents to children: 4%
- Transfer between other relatives: 8%
Inheritance tax in the northern part of the island
In Northern Cyprus ( Turkish Republic of Northern Cyprus ) an estate tax is levied, for which the heir responsible for the estate is responsible. All residents who live there for more than six months a year are subject to the tax with their entire world wealth. 110,000 euros are tax-free, plus a further 11,000 euros per person for spouses and children. The excess amount is only taxed at 1%.
See also
Individual evidence
- ↑ Inheritance Tax (English) ( Memento of the original from April 30, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Deloitte: Cyprus Tax Facts 2009, page 36 (English)
- ↑ Northern Cyprus Tax Advice ( Memento of the original from October 13, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (English); Reduction in Inheritance Tax ( Memento of the original from May 10, 2009 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. (English)
