Property taxes – Fees/Rates:

To acquire the title deeds of your property, the purchaser must pay Property Transfer Tax fees to the Government.  These fees are paid once only to the Land Registry office in the district of your property location.  This is based on the sale price the purchaser bears and is calculated as follows:

Value of property Cy£        Transfer Fee rate %

Up to 50,000                             3

From 50,001 – 100,000              5

From over 100,000                     8

 If the purchase is made in joint names, the effective calculation is halved.

Example: if the purchase price Cy£120,000 with 1 owner

1^st 50,000                                  3 %                       Cy£1,500

Next 50,000                               5 %                       Cy£2,500

Remaining 20,000                      8 %                       Cy£1,600

                                                                   Total Cy£5,600

Example: if the purchase price is made on joint names (Cy£70,000 each)

1^st 50,000                                  3 %                       Cy£1,500 x 2

Next 50,000                               5 %                       Cy£1,000 x 2

Remaining 20,000                      8 %                               0

                                                                   Total Cy£5,000

The transfer of ownership takes place by a 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 an appointed third party with power of Attorney. A prerequisite for registration, in the case of non-Cypriots is evidence that the property has been paid for with foreign exchange and approval by the Council of Ministry of Purchaser’s application to buy property in Cyprus. Before the registration of the completed property the purchaser should pay the transfer fees to the Land Registry Office.