Real Estate Transfer tax-fees are paid once to the land registry and are necessary in order to transfer freehold ownership to the name of the purchaser. The Transferee is responsible for the tax payment. The rates are on a graduated scale.
This can be done as soon as the relevant Government Authority has issued the title deed and the purchase has been completed.
Value of property
| CY Pounds (CYP) (per 100%) |
Transfer fee rate |
| |
|
| Up to 50,000 |
3 |
| From 50,000 - 100,000 |
5 |
| From over 100,000 |
8 |
For example if the purchase price is CYP 90,000:
The First: Cyp 50,000 @ 3 % = Cyp 1,500
Next: Cyp 40,000 @ 5 % = Cyp 2,000
Total = Cyp 3,500
Should the purchase be made in joint names (provided the price is more than C£ 50 000) the effective value for calculation is halved.
For example if the purchase price is C£ 90 000:
1st Buyer Cyp 45,000 @ 3 % = Cyp 1,350
2nd Buyer Cyp 45,000 @ 3 % = Cyp 1,350
Total = Cyp 2,700
Transfer of ownership takes place by a simple process of registration at the Land Registry Office and the issuing of a title deed after completion and delivery. This can be done either by you personally or by a Power of Attorney to your Solicitor. A prerequisite for registration, in the case of aliens, is evidence that the property has been paid for with foreign exchange and approval by the Council of Ministers of Purchaser's application to buy property in Cyprus. These formalities can be taken up by your lawyer on your behalf. However, before the registration of the completed property the purchaser should pay the transfer fees to the Land Registry office.
The purchaser is liable for the payment of stamp duty at the rate of 1.50 pounds per thousand up to the value of 100,000 CY Pounds thereafter the rate is 2.00 pounds per thousand.
This should be paid within 30 days of signing the contract.
For example if the purchase price is CYP 150 000:
The First Cyp 100,000@ 1.5 % = Cyp 150
Next Cyp 50,000 @ 2.0 % = Cyp 100
Total = Cyp 250
%: Rate per thousand
The annual immovable property ownership tax is based upon the value of the property.
Certain immovable properties are exempt.
Value of property
CY Pounds (CYP) Annual Property tax
(rate per thousand ‰)
Up to 100,000 Exempt 100 ,001
250,000 2.0 250,000 500,000 3.0 Over 500,000
3.5 ‰ : Rate per thousand
Important!
Immovable property tax is based upon the value of the property in 1980 which is much lower than the current market value. So there is no immovable property tax for the majority of properties in Cyprus.
A rough guide could be approximately CYP 50 -150 per year depending on the size of your property. This tax is for refuse collection, street lighting, sewerage, etc.
The basic utilities, electricity, water and telephone are payable individually in accordance with the consumption and based on a meter reading.
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