What are the transfer fees of property in Cyprus?

What are the transfer fees of property in Cyprus?

Legal & Financial Tuesday, 02 April, 2019

 

Real Estate Transfer Fees are imposed by the Land Registry Office in order to transfer FREEHOLD ownership to the name of the Purchaser. The transfer fees are due for payment when the transfer of the Title Deed in the name of the Purchaser takes place. The Purchaser is solely responsible for the payment of the Transfer Fees. The rates are on a graduated scale.

Value of Property (€)

Transfer Fee Rate (%)

up to 85,000

3 %

from 85,001 to 170,000

5 %

from 170,001 and over

8 % 

If the property is in joint names e.g. a couple - husband and wife or two individuals, then the purchase value is divided into two parts which result in reduced Transfer Fees.

An amendment regarding the reduction of Immovable Property Transfer Fees has been approved by the Cyprus House of Representatives. It applies only to the first sale of a property and it abolishes or reduces Transfer Fees provided that the Contract of Sale has been deposited with the Land Registry within the month period set by the law.

More specifically:
• No Transfer Fees will be payable for properties which are subject to VAT.
• Transfer Fees are reduced by 50% for those who do not pay VAT on their purchase.

The following example clearly illustrates this:

For property purchased for €200,000 in one name, the fees payable are €9,200.

For property in the name of one person

Up to €85,000

@ 3%

= €2,550

from €85,001 to €170,000

@ 5%

= €4,250

The remaining €30,000

@ 8%

= €2,400

Total fees payable

= €9,200

 

For property purchased for €200,000 in the names of two persons, the fees payable are €6,600.

For property in the names of two persons

First €85,000

@ 3%

= €2,550 (Husband’s share)

Second €85,000

@ 3%

= €2,550 (Wife’s share)

The remainder of First €15,000

@ 5%

= €750 (Husband’s share)

The remainder of Second €15,000

@ 5%

= €750 (Husband’s share)

Total Fees payable

= €6,600

 

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