Fitch Rating Upgrades Cyprus to 'BB'

Fitch Rating Upgrades Cyprus to 'BB'

Fitch Ratings has upgraded Cyprus’ long-term debt in foreign currency by one notch to ‘BB’, one upgrade short of an investment-grade rating, it announced on Saturday. Cyprus is experiencing a strong improvement in the performance of and outlook for its public finances. The budget is on track to record a surplus of 1% of GDP in 2017, after 0.4% in 2016, compar...
Property Running Costs

Property Running Costs

Monthly Charges Electricity bills are approximatly  €50 – €125 Gas central heating is approximatly  €200 Water bills are approximatly  €10 – €30 Sewerage & Refuse tax is approximatly  €150 YEARLY (one charge per year) IPT (Immovable Property Tax) abolished for 2017 and onwards. However if...
Taxes

Taxes

An important consideration when buying a home in Cyprus, whether you’re a resident or non-resident, is taxation, which includes income tax, immovable property tax, capital gains tax, inheritance tax and value added tax. Executive Summary Immovable Property Tax payable to the Tax Department Immovable Property Tax (IPT) was reduced in 2016 to approximately a quarter of th...
Company formation

Company formation

The main steps in establishing a new business in Cyprus are: Application for approval of a business name (with the Registrar of Companies), at a cost of EUR8.54 for a standard application, or EUR25.63 for an urgent application in 2010 Registration of a company or partnership Application for a business licence, where necessary Registration with Cyprus tax authorities for p...
Property Taxes in 2018

Property Taxes in 2018

RECENT changes to property taxes in Cyprus include the imposition of VAT on the sale of undeveloped building land intended for the construction of building(s) and changes to the VAT payable on the acquisition/construction of a property to be used as the purchaser’s primary and permanent residence. Here is a summary of the property-related taxes that apply as we enter 201...