View full news list

UK FREEPHONE : 0800 081 1969

Costs Associated with the Acquisition of Property

for the utilities are payable to the respective authorities at regular intervals throughout the year. They are based strictly on the consumption of each unit. While the cost will vary for every unit, approximately CY£180 per unit per year can be considered as a rough guide. The local municipal or other authorities are responsible for the regular collection of rubbish. Depending upon the area of the property, the cost is in the range of CY£40-50 per year.

There is a backlog of issuing of Title Deeds on the island, often taking four or five years to be produced, however, Transfer fees are not due to be paid until Title Deeds are made available( in every contract there is a clause termed `Specific Performance` which protects the purchasers` total rights to the land and property in the interim period).

When the fees are due, the following will apply:

Transfer Tax-fees - Title Deeds
Cyprus property transfer tax-fees are paid to the Cyprus Government when transferring freehold ownership of property to the name of the new purchaser from the seller, vendor.

The purchaser will only pay the transfer tax-fees when the transfer of the property`s title deed is legally put into the new owner`s name.

The title deeds may take three to four years or even longer to be transferred to the new owner(s). Lawyers in Cyprus know the problems involved when issuing title deeds and will advise you correctly. You must, without exception, discuss title deed issues and Cyprus property transfer tax-fees with your lawyer in Cyprus, along with all property purchasing related concerns.

The Purchaser is responsible for the tax-fee payment. The rates are on a graduated scale.

Value of property up to 85,430 Euros @ 3%
85,431 Euros to 171,000 Euros @ 5%
171,001 Euros plus @8%
(If the property is in joint names, the value of the property can be split and considerable savings made)

The following example illustrates this:

For a property purchased for € 120.000 in one name, the fees payable are € 4,292

For property in one name at €120,000

-Up to € 85,430 @ 3% = € 2,563
-The remaining € 34,570 @ 5% = € 1,729
Total fees payable = € 4.292

For a property purchased for € 120,000 in the names of two persons, the fees payable are € 3,600

For property in the names of two persons at €120,000

-First € 60,000 @ 3% = € 1,800 (husband`s share)
-Second € 60,000 @ 3% = € 1,800 (wife`s share)
Total fees payable = € 3,600

More examples

House Price = € 200,000 One owner.

-First € 85,430 @ 3% = € 2,563
-Next € 85,430 @ 5% = € 4,271
-Remaining € 29,140 @ 8% = € 2,331
Total = €9,165

Two Owners. House Price = € 200,000 / 2 = € 100,000 each.

-First € 85,430 @ 3% = € 2563 x 2 = € 5,126
-Remaining € 14,570 @ 5% = € 728 x 2 = € 1,456
@ 8% = 0.000
Total € 6,582

View all offers

We'll Call You Back For FREE