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Newsletter

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

  • 29 August 2019 Cyprus real estate market review 2018

    In its annual Cyprus real estate market review, PwC reports that the... read more

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

  • 29 August 2019 Cyprus real estate market review 2018

    In its annual Cyprus real estate market review, PwC reports that the... read more

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

Expenses of purchase

Stamp Duty

After the contract of sale is signed, the purchase is liable for the payment of stamp duty at 0.15% of the value up to €170.860. Thereafter, the rate becomes 0.2%. Payment is due within 30 days of signing the contract sale.

 

Transfer Fees

Upon transfer of the property and registration in the purchaser’s name, the district Land Registry Office will charge transfer fees, which are based on market value of the property at the time of the purchase and are calculated as follows:

 

 Property Value €

Fees -%

Transfer fee €

 Up to €85,000

3%

€2,550

 €85,001-€170.000

5%

€4,250

 €170,001 and up

8%

 

 

If the property is transferred in 2 or more names,  on  the name of  individuals, then the purchase value is split into the parts which results in reduced transfer fees.

The fees mentioned above are calculated per person (per share owner)

Value Added Tax on Property Purchases

Acquisition of a new immovable property in Cyprus is subject to VAT (Value Added Tax).  In cases of a resale immovable property as well as a new immovable property where an application for a town permit was filed before the 1st of May 2004, VAT will not be charged.

 If the town planning application has been filed after the 1st of May 2004, VAT is charged on the sales price at a rate of 19%. First-time buyers can apply for VAT reimbursement in cases where they paid the full amount of VAT on single properties purchased after the 1st May 2004.

No VAT is charged on the purchase of land.

A reduced rate of VAT (5%) has been introduced for properties purchased by permanent residents of Cyprus, provided that the property will be used as the main residence of the purchaser for 10 years (minimum). This is applicable only to contracts of sale that are conducted from October 1st 2011 onwards. The rate applies for the first 200 m2 of residences of total covered area of up to 275 m2.

VAT is paid when paying a newly built property 5% for a permanent first house residence and 19% for other use (to be rent etc).