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Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 23 June 2020 Historic deal allows property development in British Bases

    CYPRIOTS who own land in non-military areas inside the British Bases will be... read more

  • 9 June 2020 Cyprus beaches have the best water quality in the EU

    Cyprus had the highest proportion of bathing sites with excellent water... read more

  • 28 May 2020 Coronavirus Anastasiades outlines millions to be pumped into the economy updated

    Fortunately, the government is proceeding with helpful measures in order for... read more

  • 26 May 2020 The elite are snapping up pandemic passports so they can escape to safer countries

    Millionaires are looking to escape to a safe country with good medical... read more

  • 14 May 2020 CASINO RESORT Construction work resumes

    Construction work on the City of Dreams Mediterranean casino will resume on... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 23 June 2020 Historic deal allows property development in British Bases

    CYPRIOTS who own land in non-military areas inside the British Bases will be... read more

  • 9 June 2020 Cyprus beaches have the best water quality in the EU

    Cyprus had the highest proportion of bathing sites with excellent water... read more

  • 28 May 2020 Coronavirus Anastasiades outlines millions to be pumped into the economy updated

    Fortunately, the government is proceeding with helpful measures in order for... read more

  • 26 May 2020 The elite are snapping up pandemic passports so they can escape to safer countries

    Millionaires are looking to escape to a safe country with good medical... read more

  • 14 May 2020 CASINO RESORT Construction work resumes

    Construction work on the City of Dreams Mediterranean casino will resume on... 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).