1) Real Estate transfer tax

Cyprus Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the purchaser. This is payable when the relevant Government Authority has issued the title deed and the purchase has been completed. The amount of Real Estate Transfer Tax is reduced if two people register as co-owners of the property. The Transferee is responsible for the tax payment and the rates are on a graduated scale. (See examples below):-

Example 1: purchase price = € 150,000:

If the propery purchase is made in joint names the effective value for calculation is halved, providing a substantial tax saving.

Example 2:  purchase price = €150,000:

Transfer of ownership takes place by a simple process of registration at the Cyprus Land Registry Office which leads to the issuing of a title deed anything from 2 – 5 years after completion and delivery. This process can be completed either by you personally or by your Solicitor.

2) Stamp Duty

Stamp Duty is due to be paid within 30 days of signing the contract. The purchaser is liable for the payment of stamp duty upon the presentation of the purchase contract to the tax authorities – your solicitor normally deals with this formality. Stamp Duty is payable at the rate of 0.15% up to the value of €170,860.14. Thereafter the rate is 0.20% for over €170,860.14 

Example 1: purchase price = € 200,000:

3) Mortgage Fees

The mortgage registration fee is one percent (1%) of the amount secured, plus the relevant stamps and is payable to Land Registry Office