The Cost of Buying a Property in Cyprus

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 a Cypriot 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.

Stamp Duty

  • 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%

Transfer fees are payable by the purchaser for registering a property on his/her name. Property transfer fees are then calculated on the basis of the property’s market value on the date of purchase.
If a property is bought in joint names (i.e. husband-wife or two individuals) then the value of the purchased property is divided into two parts, thereby reducing the transfer fees payable. 

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.

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