The In and Outs of Buying a Property in Cyprus

Non-Cypriot citizens are permitted to acquire one of the following: an apartment or house or a building plot of land up to three donums (4,014m2 ). Offshore entities may also acquire premises for their business (with restrictions) or as a residence for their non- Cypriot employees, provided the premises are registered in the company name. These restrictions on the acquisition of property will be lifted for EU-citizens from 2009.

For a reservation fee of CY £1,000 to £2,000 you can fix the price and take the property off the sales market.
Contracts of sale are based on the English system but can be completed much quicker; a contract of sale can be drawn up by a solicitor and must be in writing.

His contract of sale must be filed with the land registry within 60 days after signing for a nominal fee of CY £1. Once the contract of sale has been filed by the land registry office the property, cannot be leased, sold, transferred or mortgaged by anyone other than the purchaser.


Cost to purchasers


Stamp Duty

This is a one off charge, which the purchasers have to pay to the land registry office at the district offices for the area the land is in.

Up to CY £100,000 0.15%
Over CY £100,000 0.20%


Transfer fee

Again, a one off fee, which the purchasers have to pay to the land registry office at the district offices for the area the land, is in. The amount based on a scale depending on the cost of the property on the day purchased. This fee is to be paid when the title deed is transferred into the purchaser’s name.

Up to CY £50,000 3%
From CY £50,001 to CY £100,000 5%
Over CY £100,000 8%

If two owners the cost of this fee can be reduced, as each will only pay for half the cost of the property, purchase the property each based on the scale above.


Obtaining the title deed.

Final costs to be added are:-
CY £1 for Registration of the property.
CY £200 for Application to the Council of Ministers
Legal fees that are about 1% SO SHOP AROUND.


Example: Property value CY £150,000.

Stamp duty          
  Up to CY £100,000 at 0.15% CY £135    
  Over CY £100,000 at 0.20% CY £100    
    Total CY £235    
Transfer fee     1 owner   2 owners
  Up to CY £50,000 at 3% CY £1,500   CY £3,000
  From CY £50,000 to CY £100,000 at 5% CY £2,500   CY £1,250
  Over CY £100,000 at 8% CY £4,000    
    Total CY £8,000   CY £4,250

 
For 1 Owner
 
For 2 Owners
Property cost
CY £150,000
 
CY £150,000
Stamp Duty
CY £235
 
CY £235
Transfer fee
CY £8,000
 
CY £4,250
Registration fee
CY £1
 
CY £1
Council of Ministers
CY £200
 
CY £200
Legal fees
CY £1,500
 
CY £1,500
 
 
Total cost property
CY £159,936
 
CY £156,186
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