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Property Ownership Fees

   

First of all, it is very important to have a Cyprus lawyer's advice for the purchase of your Cyprus property. Their duty will be to do the necessary searches on the property, check or draw the contracts, make the application to the Cyprus Council of Ministers for the permit to own property in Cyprus. Usually, outside lawyers charge around CYP 500 - CYP 750 to do the search on the property and the application to the Council of Ministers. Purchasers are free to appoint a solicitor / lawyer of their choice to handle their affairs in Cyprus. However, Ataleza Group will provide all customers, upon the purchasers' request, legal assistance through its in-house legal advisor free of charge.

 

1. Property Registration / Transfer Fees

 

In order to determine the amount of transfer fees payable, the value of the Cyprus property will be reviewed by the District’s Land Office values, which may or may not accept the purchase value stipulated in the sales contract. The purchaser is liable to the payment of the transfer fees on the basis of the value of the property as assessed by the District Lands Office values (the basis is the open market value of the property on the date of the original transaction /sales contract).

 

 

Value of Property Euro

Transfer Fee Rate (%)

From 0.0  up to 85.500

3.0

From 85.501 to 171.000 

5.0

From 171.001 and over

8.0

 

 

 Example 1

A property is  purchased for 120,000 CYP ( 205.200 Euro ) in one name, the fees payable are 9.576 Euro

 

A property bought in ONE name

Transfer fee rate (%)

Fees Payable

The first 85.500 Euro

@   3%

= 2.565 Euro

The next 85.500 Euro

@   5%

= 4.275 Euro

The final 34.200 Euro

@   8%

= 2.736 Euro

Total fees Payable

 

= 9.576 Euro

 

 Example 2

A property is purchased for 120.000 CYP ( 205.200 Euro ) in the names of two persons, the fees payable are 6.840 Euro

 

A property bought in TWO names

Transfer fee rate (%)

Fees Payable

The first 85.500 Euro

@   3%

= 2.565 Euro (share of husband)

The second 85.500 Euro

@   3%

= 2.565 Euro (share of wife)

The final 34.200 Euro

@   5%

= 1.710 Euro

Total Fees Payable

 

= 6.840 Euro

 

 

2. Stamp duty

Within 30 days after signing the Contract, the purchaser is liable to pay the stamp duty which is levied at the rate of 2.55 Euros per 1710 Euros up to the value of 171,000 Euros . Above that value, the stamp duty is levied at a rate of 3.42 Euros per 1710 Euros.

 

3. Immovable Property Tax

The annual immovable property tax imposed by the government is depended on the value of the property.

 

 

Value in Euro Currency

Annual Tax in Euro/Thousand

From 0.0 Euro to 171.000 Euro

Exempt

From 171.001 Euro to 427.500 Euro

2.0

From 427.501 Euro to 855.000 Euro

3.0

Over 855.001 Euro

3.5

 

 

4. Estate Duty/Inheritance Tax

The Cyprus property of a deceased person who was not domiciled in Cyprus is taxable. Inheritance tax is not payable on property purchased by a non-Cypriot, when the beneficiary is not domiciled in Cyprus. If the deceased was domiciled in Cyprus owning a property in Cyprus that was acquired after 1st January 1976, using foreign funds earned while permanently resident outside of Cyprus then Estate Duty is not payable

 

5. Capital Gains Tax

Property sales in Cyprus are subject to Capital Gains Tax at the rate of 20% on the gain, however, the first 17.100 Euros are exempt and there is an indexation allowance.

 

6. Utilities and Other Common Expenses

Electricity and water services are payable to the appropriate authorities over fixed periods of time throughout the year, usually every two months. The cost for each unit is strictly based upon the consumption of each unit.