Cyprus Tax for Property Buyers

1. INTRODUCTION The House of Representatives of Cyprus approved a tax reform in July 2002 (Law No. N118 (I) 2002), which has been effective since January 1, 2003. This tax reform aims to conform to the standards of the European Union and the EU code of conduct, as well as abide by its commitment to the Organisation of Economic Cooperation and Development (OECD) to eliminate harmful tax practices. The main features of the tax reform are the following: 2. CORPORATION TAX FOR ENTITIES