Cyprus Property Transfer Fees are imposed by the Land Registry Office. The fees are due for payment when the transfer of the title deed takes place.
The purchaser is solely responsible for the payment of the Transfer Fees. The rates are on a graduated scale.
|Value of Property||Transfer Fee Rate|
|up to €85,000||3%|
|from €85,001 to €170,000||5%|
|from €170,001 and over||%|
Joint Purchasers of Property in Cyprus
If the property is in joint names then the purchase value is divided into two parts which results in reduced transfer fees.
- No Transfer Fees will be payable for properties which are subject to VAT.
- Transfer Fees are reduced by 50% for those who do not pay VAT on their purchase.
Capital Gains Tax on Cyprus Property Sales
On any financial gains from sale of property situated in Cyprus, Capital Gains Tax will be imposed at the rate of 20% with the first €17,086 being exempt for each person.
The gain is the difference between the sales proceeds and the original cost of the property.
The seller is entitled to a further allowance regarding the transfer fees paid, inflation rate per year and the cost of any additions made to the house.
Gains from the sale of a private residence are exempt up to €85,430 in total if the owner resides in it continuously for at least five years.
Stamp Duty on Property Contracts in Cyprus
The purchaser is liable for the payment of Stamp Duty on the purchase price of the property. This should be paid within 30 days from the signing of the Contract of Sale at the following rates:
|€0 to €5,000||0%|
|€5,001 to €170,000||0.15%|
Inheritance Tax on Property in Cyprus
Inheritance Tax have been abolished from 1st January 2000.