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Cyprus Property \ Fees & Taxes
Fees & Taxes
Property Registration - Transfer Fees
Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the purchaser. This can be done as soon as the relevant Government Authority has issued the title deed and the purchase has been completed. The Transferee is responsible for the tax payment. The rates are on a graduated scale:
|
Value of property in Cyprus Pounds |
Transfer fee rate ( %) |
|
Up to 50,000 |
3 |
|
From 50,000-100,000 |
5 |
|
Over 100,000 |
8 |
For Example, if the purchase price is CY£ 90,000:
|
|
Value |
Transfer Fee Rate |
Transfer Fee |
|
The First |
CY£ 50,000 |
3 % |
CY£ 1,500 |
|
The Next |
CY£ 40,000 |
5 % |
CY£ 2,000 |
|
|
|
|
Total: CY£ 3,500 |
Should the purchase be made in joint names (i.e. husband and wife, and provided that the total purchase price is more than 50,000 CyP) the calculation for the total transfer fee is as follows:
For Example, if the purchase price is CY£ 90,000:
|
|
Value |
Transfer Fee Rate |
Transfer Fee |
|
The First |
CY£ 45,000 |
3 % |
CY£ 1,350 |
|
The Next |
CY£ 45,000 |
3 % |
CY£ 1,350 |
|
|
|
|
Total: CY£ 2,700 |
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