Cyprus New Immovable Property Tax law

Under amendments to the Immovable Property Tax law, owners of immoveable property property in Cyprus are now liable to pay an annual tax to the Inland Revenue on their aggregate property holdings as of the 1st of January 2013, on the basis of the assessed valuation as at 1 January 1980. For subsequent tax years, the basis of assessment is expected to be amended and to be based on current property values.