Pay reservation fee (non refundable) 2% of the cost of the property
Lawyers will do a search on the property. They will contact the developers and arrange the necessary paperwork. The cost of the lawyer’s fees is €1.500 + VAT.
A one – off stamp duty is levied on the purchase of property in Cyprus. The rates are dependent on the contractual purchase amounts and payment is due within 30 days of signing the sale agreement. The amount is payable by the purchased to the tax authorities.
Purchase Price Stamp Duty % Up to 170.860 0.15% Over 170.861 0.20%
After signing the contract the client has 30 days to pay the 30% deposit of the price of the property minus the reservation fee.
Within 30 days of signing the Contract of Sale, it will need to be stamped and filed at the Land Registry Office. The filing of the Contract at the Land Registry Office is for the protection of the purchaser’s ownership rights until the title deeds are issued. The Contract, once filed, cannot be withdrawn by anyone but the owner and therefore the property cannot be leased, sold, transferred or mortgaged. Only the purchaser is able to alter this status.
Registry Office can not be done until the 30% of the sales price has been paid.
Please note that the filing of the Sales Agreement at the Land Registry Office can not be done until the 30% of the sales price has been paid. If the contract is not filed within 30 days then the contract will not be legal.
If a mortgage is required an application will be made and the purchaser can obtain a mortgage of up to 70% of the purchase price and for a maximum time period of 30 years provided he/she will not be over the age of 67 at the end of the mortgage period. Company will assist and guide you throughout the process ensuring minimum inconvenience and always keeping your best interests in mind.
Foreigners can get permission to buy property under the condition that they decide to live temporarily/ permanently in Cyprus or to invest in a property in Cyprus. Cyprus allows foreigners to invest in properties as this is an advantage to the Cyprus economics.
To buy immovable properties is allowed only with the permission of the ministry. All buyers can get the permission to buy by showing that they have a substantial amount of money in their bank account. Client needs to apply for this:
- permission, showing necessary documents;
- passports showing date of issue, serial number;
- any citizenship.
The land registration office will arrange for the title deeds to be transferred to the client’s name. it takes approximately two weeks for this procedure to go through.
When you buy immovable property and the building that is not finished, the title deeds can be issued only after the building has been finished, and the object is to move into. The title deeds are the evidence of owning immovable properties.
The time of the title deeds being ready to be handed over to the new owner can be between 3 – 6 years. The client can only mortgage, sell or rent the property until the contract has been sent to the land registry office.
If the client decides to sell his property, the law in Cyprus allows the client to take the whole amount of revenues from the sale of the property, and he/she must pay the capital gains tax which is 20% from the revenue if the owner is individual and 10% if the owner is the company.
A summary of fees and taxes to be paid by a purchaser are as follows:
Преимуществом работы с компанией Veskip Properties является то, что наши юристы и менеджеры контролируют все этапы сделки и неукоснительно соблюдают интересы наших клиентов. Процедура оформления ваших прав на любой объект вместе с нами позволит клиентам компании легко получить титул и вступить в права владения недвижимостью.
Solicitors charge between €1.500 + VAT
Stamp duty is calculated at a rate of 0.15% up to €170860 and 0.20% for anything over that. This is paid before registering the Contract of Sale at the Land Registry and is one of the services offered by the solicitor.
|Purchase Price||Stamp Duty %|
|Up to €170.860||0.15 %|
|Over €170.861||0.20 %|
At the time of issuing the separate title deeds transfer fees are calculated as a percentage of the value stated in the Contract of Sale filed at the Land Registry Office.
If there is more then one owner the value of the property is divided according to the number of the co-owners in order to calculate the fee.
|Purchase Price||Stamp Duty %|
|Value up to €85.430||3 %|
|€85.431 - €170.860||5 %|
|Over €170.860||8 %|
Property bought by two persons:
|Purchase Price||€205.032 ÷ 2 =||€102.516|
|1st €85.430||@ 3% = €2.563 x 2 =||€5.126|
|2nd €17.086||@ 5% = €854 x 2 =||€1.708|