INFORMATION SHOWN IS FOR GUIDANCE ONLY
STAMP DUTY IN CYPRUS
This must be paid and the Agreement certified within 30 days of the signing of said Agreement. The tax is calculated as follows:-
Up to and including the first CYP 100,000 = (EUR 170,860.14) 1.5% [per thousand] is payable
Thereafter 2% [per thousand] is payable.
|
E.G.
|
Property purchased for CYP 150,000= (EUR 170,860.14)
|
Income tax due on the 1st CYP 100,000= (EUR 256,290.22)
will be CYP 150= (EUR 259.29) |
Income tax due on the additional CYP 50,000= (EUR 85,430.07)
will be CYP 100= (EUR 170.86) |
| Total payable will be CYP 250= (EUR 427.15) |
COMPLETION
Legal purchase completion:
Defined as being when the Contract of Sale has been deposited/filed with the Land Registry and a copy of the Contract of Sale and filing receipt have been issued to the Client
Property completion
Defined as receipt of the final Architect’s Certificate or Engineer’s certificate from the Developer.
Site completion
Defined as receipt of the District Officers Completion Certificate which evidences that all relevant building and local authority works have been completed satisfactorily. or Engineer’s certificate from the Developer
NEW BUILD - STAGE PAYMENTS
Under the terms of your purchase Agreement you may be required to make payments to the Developer at specific stages of the construction of the property. With the exception of cases where the balance of funds are by way of mortgage or loan, the payments as per your Contract of Sale should be forwarded, on or before the required payment date to the Client Account of your Lawyer. These funds will be held on account, until the Lawyer has received a copy of the Certificate issued by the Architect or Engineer for satisfactory completion of the respective stage of construction, from the Developer. Once receipt of this certificate has been confirmed to you, the require payment will be released to the Developer and the receipt held on file together with the Certificate copy.
TRANSFER FEE - TITLE DEEDS IN CYPRUS
When separate Title Deeds are available for transfer into your name and you have fulfilled the required criteria [as detailed below] the Transfer Fee is payable calculated on the value of the property.
Criteria
| a) |
When all relevant building works have been completed satisfactorily and the District office have issued the Completion Certificate |
| |
|
| b) |
When you [or your Lawyer] are in receipt of the Council of Ministers approval letter for you to own property in Cyprus |
Fee calculation
Property purchase in Sole name
| UP TO CYP 50,000= (EUR 85,430.07) |
3% |
CYP 50,001= TO CYP 100,000=
(EUR 85,431.78) TO (EUR 256,290.22 ) |
5% |
| CYP 100,000= (EUR 256,290.22) AND OVER |
8% |
Property purchase in Joint names
| UP TO CYP 100,000= (EUR 256,290.22 ) |
3% |
CYP 100,000= TO CYP 200,000=
(EUR 256,290.22 ) TO (EUR 341,720.29) |
5% |
| CYP 200,000= (EUR 341,720.29) AND OVER |
8% |
|
E.G. Purchase in sole name
Purchase of property for the sum of CYP 150,000= (EUR 170,860.14)
|
| 1st CYP 50,000= |
@ 3% |
CYP |
1,500= |
EUR |
2,562.90 |
| 2nd CYP 50,000= |
@ 5% |
CYP |
2,500= |
EUR |
4,271.50 |
| 3rd CYP 50,000= |
@ 8% |
CYP |
4,000= |
EUR |
6,834.41 |
| Total payable to transfer title |
CYP |
8,000= |
EUR |
13,668.81 |
|
E.G. Purchase in joint names
Purchase price divided and will be CYP 75,000= (EUR 128,145.11) each purchaser
|
| 1st CYP 50,000= |
@ 3% |
CYP |
1,500= |
EUR |
2,562.90 |
| 2nd CYP 25,000= |
@ 5% |
CYP |
1,250= |
EUR |
2,135.75 |
| Total payable to transfer title |
CYP |
5,500= |
EUR |
9,397.31 |
| (being CYP 2,750= (EUR 46,98.65) per purchaser) |
THIS INFORMATION IS FOR GUIDANCE ONLY AND MAY HAVE CHANGED SINCE PUBLISHED - YOU SHOULD ALWAYS SEEK INDEPENDENT LEGAL ADVICE WHEN PURCHASING PROPERTY IN CYPRUS!