The Title Deed
Transfer of ownership from Vendor to Purchaser is undertaken by a simple pro-cedure through the Cyprus Land Registry Office, by the client's Solicitor who can be appointed by our Representative Office in Cyprus. The transfer of ownership requires a permit from the Council of Ministers.
Real Estate Transfer
These fees are necessary in order to transfer Freehold ownership to the name of the purchaser. The transfer fees will be paid when the transfer of the title deed in the name of the purchaser will take place. The Purchaser is responsible for the tax payment. The rates are on a graduated scale:
| Value of property (EURO) |
Transfer fee rate (%) |
| Up to 85,430 |
3 |
| From 85,431 to 170,860 |
5 |
| From 170,861 and over |
8 |
If the property is in joint names e.g. of a couple (husband and wife) or two individuals, then the purchase value is divided into two parts which results in reduced transfer fees.
The following example clearly illustrates this:
For property purchased for EURO 150,000 in one name, the fees payable are EURO 3228.50
| For Property in one name |
|
| Up to EURO 85,430 |
@ 3% = EURO 2562.90 |
| The remaining EURO 64,570 |
@ 5% = EURO 3228.50 |
| Total fees payable |
= EURO 5791.40 |
For property purchased for EURO 150,000 in the names of two persons, the fees payable are EURO 5125.80:
| For Property in two name |
|
| First EURO 85,430 |
@ 3% = EURO 2562.90 (husband share) |
| Second EURO 64,570 |
@ 3% = EURO 2562.90 (wife share) |
| Total fees payable |
= EURO 5125.80 |
Immovable Property Tax
The annual immovable property tax is calculated on the market value of the property as at 1st January 1980:
| Market value of property (EURO) |
Annual Property tax (%) |
| up to 170,860 |
exempt |
| 170,861 to 427,150 |
0.25 |
| 427,151 to 854,300 |
0.35 |
| Over 854,301 |
0.40 |
|
