ACQUIRING THE PROPERTY TITLE DEED

When a sale is concluded, the transfer of property ownership is a simple procedure which can be done through the Cyprus Land Registry Office. It is usually done in person, or by someone who holds Power of Attorney (a lawyer). Permission is required from The Council of Ministers

for all foreign property purchases. Also, any foreign purchasers have to provide evidence of the foreign exchange transaction. This is a formality and does not present a problem to respectable foreign property buyers. The contract of sale must be in writing, and, to protect the buyer’s rights to the property, the contract needs to be registered at the District Land Registry office within sixty days from the contract date. The new title deed will be registered in the name of the buyer and recorded in the Authorities archives

FEES

Transfer fees are calculated in the same way as in transactions on the secondary property market, i.e., every time the real estate title is transferred from one owner to another. No transfer fees are paid in the event of an immovable property transfer that is subject to VAT. In the event where the transfer is not subject to VAT, land transfer fees are reduced by50%. This exemption is applicable up to 31.12.2016.

STAMP DUTY

Stamp duty is paid only once within 30 days from the date of co-signing of the property acquisition contract in Cyprus in order to register the transaction in the Inland Revenue Department. Stamp duty for property purchase in Cyprus constitutes 0.15% when the overall cost is not exceeding €170,000 and 0,20% when the amount exceeds €170000.The first €5000 are exempt. Therefore, while buying property in Cyprus you pay two types of taxes -Transfer Fee, (tax on transfer of the ownership right), and Stamp Duty.