Rental Income Tax Calculator
Easily calculate your Cyprus Rental Tax
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Disclaimer
The above calculator (“This form”) is not a legal or Tax advice and no one should rely on it. This form has been prepared as a general guide for information purposes only as many other tax aspect should be taken into account. Please note that it is not a substitution for professional advice or an advice at all. One must not rely on this Form without receiving independent advice based on the particular facts of his/her/its own case. No responsibility can be accepted by the authors or the company for any loss occasioned by acting or refraining from acting on the basis of this publication.
For individuals who are both tax resident and domiciled in Cyprus, the rental income is subject to 3% defence on the 75% total rental income. In addition, rent received after the 1/6/2020 is subject to 2.65% GESY contribution if the landlord is Cyprus resident. Finally, 80% of the rental income is subject to income tax after deducting interest on loans taken to purchase the property and wear & tear allowance of 3%/4% on the buildings value (excluding land).
Rental income received by tax resident individuals is subject to income tax, defence and GESY contributions. Whether an individual is required to pay defence contributions depends on his/her tax residency and domicile. Only individual who are both Cyprus tax resident and domicile are required to pay defence. Whereas, the factor for paying GESY contributions is only the tax payers residency. Only Cyprus residences are required to pay GESY on their rental income.
Visit the Cyprus Tax Department for more information on how to calculate your income taxes.