What Extra costs will I face as a Buyer ?
The Extra costs that a Buyer is facing in Cyprus for each purchase are the Stamp Duty, the transfer Fees and the Solicitor fees.
A. Stamp Duty
The purchaser is liable for the payment of stamp duty at the rate of 1.50 pounds per thousand (or 0.15%) up to the value of 100,000 CY Pounds thereafter the rate is 2.00 pounds per thousand (or 0.20%).
This should be paid within 30 days of signing the contract.
For example if the purchase price is CYP 150 000:
| The first 100,000 CYP | CYP 100,000 * 0.15 % = | 150 CYP |
| Any amount above 100,000CYP | CYP 50,000 * 0.20 % = | 100 CYP |
| TOTAL | 250 CYP |
% : Rate per thousand
B. 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 CY Pounds (CYP) |
Transfer fee rate (per hundred %) |
| Up to 50,000 | 3 |
| From 50,000-100,000 | 5 |
| From over 100,000 | 8 |
For example if the purchase price is CYP 150,000:
| The first 50,000 CYP | CYP 50,000 @ 3 % = | 1,500 CYP |
| from 50,000 to 100,00 CYP | CYP 50,000 @ 5 % = | 2,500 CYP |
| Any amount above 100,000 CYP | CYP 50,000 @ 8 % = | 4,000 CYP |
| TOTAL | 8,000 CYP |
PLEASE NOTE: Should the purchase be made in joint names (provided the price is more than Cyp 50,000) the effective value for calculation is halved.
For example if the purchase price is CYP 150,000:
| 1st Buyer | CYP 50,000 @ 3 % = | 1,500 CYP |
| CYP 25,000 @ 5 % = | 1,250 CYP | |
| 2nd Buyer | CYP 50,000 @ 3 % = | 1,500 CYP |
| CYP 25,000 @ 5 % = | 1,250 CYP | |
| TOTAL | 5,500 CYP |