Is it expensive to own property in Cyprus: 4 types of expenses

Cyprus property is of interest to many foreign investors. But there are expenses associated with purchasing real estate in the country

Basic expenses

The owner of real estate in Cyprus will face the following expenses:

• municipal tax - charged annually, depending on the market value of the object;
• sewerage fee - charged on a quarterly basis and paid to local water supply and sewerage councils;
• garbage collection fee - calculated every year depending on a number of criteria (this fee must be paid by those who currently reside in the housing, and not necessarily by the owners);
• capital gains tax - 20% of the difference between the purchase price and the sale price of the property.

It is expected that the collection for garbage collection will soon be canceled - one will have to pay only for the amount of garbage that residents actually throw away.