The relevant duties, fees and taxes when buying or selling property in Cyprus are described below:

Stamp Duty
The total sum payable for stamp duty is calculated on the purchase price stated in the agreement as explained below:

 Ü Up to CYP 100.000 = amounts to CYP 1,50 cents / CYP 1.000

 Ü Over CYP 100.000 = amounts to CYP 2,00 cents / CYP 1.000

Transfer Fees
In order for the transfer and registration of the title deed of the property into the purchaser’s name to take place, transfer fees must be paid to the District Lands Office. The total amount of transfer fees to be paid are based on the purchase price stated on the sale agreement. It is important to note that if the purchase price declared is regarded by the Lands Department as an underestimate of the objective value of the property, the Lands Department proceeds with its own evaluation of the value of the property upon which the transfer fees are calculated.  In either case the transfer fees are calculated as follows:

 Ü Up to CYP 50.000 = 3%

 Ü Up to CYP 100.000 = 5%

 Ü Over CYP 100.000 = 8%

Capital Gains Tax
In Cyprus profit from the sale of immovable property is taxable at the rate of 20%. Profit up to CYP 50.000 is exempted if the immovable property to be disposed of has been the main place of residence of the vendor for at least the last 5 years. A sum up to CYP.10.000.- is exempted regarding sales of other kind of immovable property.  Profit is calculated taking into consideration all expenses made for the acquisition of the property (extras paid, legal expenses, transfer fees etc).

For more information contact Helena Andreou at helena@antonisandreou.com