Legal & Financial

1. Land Registry

The land registry system is modeled on British Standards. Contracts of sale must be registered at the land registry within sixty days of the contract date, but the purchaser may not be present if his solicitor has power of attorney. This can be pre-arranged with your legal advisor.

2. Stamp Duty

This is payable by the purchaser at a rate of 1.5 per thousand of the value up to £100,000. The rate thereafter changes to 2.0 per thousand. These fees are payable upon signing of your contract.

3. Transfer Fees

These are based on the market value of the property at time of purchase. The following table gives the rates of calculation.

Transfer Fees are charges accumulatively at the time the title deed are issued. A couple can have a property in joint names thus saving on tax due to each person having a separate calculation.

4. Permission to Buy

Since Cyprus’s entry into the EU, all EU citizens now have the right to obtain property on the Island. Non EU citizens must however still apply for permission from the Council of Ministers, which is usually obtained without problems. The application can be made by your legal advisor.

5. Capital Gains Tax

Property sales in Cyprus are subject to capital gains tax at a rate of 20% on the profit. The first cy£10,000 profit per person named on the title deed is exempt. The full amount paid for in foreign exchange can be transferred overseas at the time of resale.

6. Inheritance Tax

There is no inheritance tax at the present time in Cyprus.