Estate duty
The entire estate, wherever situated, of a deceased person who was domiciled in Cyprus
is subject to Cyprus estate duty. However, property acquired in Cyprus after January 1st,
1976, with foreign exchange earned while the deceased was permanently resident outside
Cyprus, is not taxable.
Property situated in Cyprus owned by a deceased person who
was not domiciled in Cyprus is taxable in Cyprus.
Property includes movables and immovables of every kind ,
money, investments and all other assets as well as gifts made within three years of death.
Rates
Estate duty is payable on the market value of property at the date of death at the
rates shown below:
| Value of Property |
|
|
| Cumulative |
Rate % |
Tax CYP |
| up to 20.000 |
0 |
0 |
| 20.000 - 25.000 |
10 |
500 |
| 25.000 - 35.000 |
13 |
1.800 |
| 35.000 - 55.000 |
15 |
4.800 |
| 55.000 - 80.000 |
17 |
9.050 |
| 80.000 - 105.000 |
20 |
14.050 |
| 105.000 - 150.000 |
23 |
24.400 |
| over 150.000 |
30 |
|
|
|
|
Deductions
The following deductions are available in arriving at the taxable value of a
deceased’s estate:
| Surviving spouse |
75.000 CYP |
| Each child under 21 years of age |
150.000 CYP |
| Each child over 21 years of age |
75.000 CYP |
| Each predeceased child who has left children |
75.000 CYP |
| Each predeceased child under 21 years of age who has left children |
150.000 CYP |
| Each physically or mentally handicapped child over the age of 21 |
150.000 CYP |
| Donations to charitable institutions, subject to a maximum of |
50.000 CYP |
| Donations to the government of Cyprus or to any local authority for
public purposes |
no restriction as to amount |
|
