There are a number of costs involved in buying property in Cyprus, including the property taxes and legal fees. The following is a breakdown of these costs, so you can have a better idea of what to expect when purchasing an Italian property.
Cypriot property taxes
When you buy a property in Cyprus you will have to pay VAT (applicable on new properties, not re-sales) Stamp Duty and Transfer Fee as calculated below. Capital Gains Tax is payable by the seller.
- Up to €5,000 - No Stamp Duty payable
- From €5,000 to €170,000 Stamp Duty is at €1.50 per €1,000
- Over €170,000 Stamp Duty is at €2 per €1,000 up to a maximum of €20,000
Department of Lands and Surveyors Transfer Fee
- Up to €85,430 payable at 3%
- From €85,430 to €170,860 payable at 5%
- Above €170,860 payable at 8%
Need help buying property in Cyprus?
Our UK-based team of property lawyers are highly experienced in helping clients to buy and sell property in Cyprus, as well as handling a whole range of related issues, such as advice on Wills and inheritance.
With a thorough understanding of both UK and Cypriot law, we can provide clear, reliable legal guidance in plain English, giving you the confidence to deal effectively with property in Cyprus.