What Extra costs will I face as a Buyer ?
The Extra costs that a Buyer is facing in Cyprus for each purchase are the Stamp Duty, the transfer Fees and the Solicitor fees.
A. Stamp Duty
The purchaser is liable for the payment of stamp duty at the rate of 2.56 EUR per thousand (or 0.15%) up to the value of 170,860 EUR thereafter the rate is 3.42 EUR per thousand (or 0.20%).
This should be paid within 30 days of signing the contract.
For example if the purchase price is 250 000 EUR:
| The first 170,860 EUR | EUR 170,860 * 0.15 % = | 256.29 EUR |
| Any amount above 170,860 EUR | EUR 79,140 * 0.20 % = | 158.28 EUR |
| TOTAL | 414.57 EUR |
% : Rate per thousand
B. Transfer Fees
Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the purchaser. This can be done as soon as the relevant Government Authority has issued the title deed and the purchase has been completed. The Transferee is responsible for the tax payment. The rates are on a graduated scale.
| Value of property EURO |
Transfer fee rate (%) |
| Up to 85,430.10 | 3 |
| From 85,430.10-170,860.14 | 5 |
| From over 170,860.14 | 8 |
For example if the purchase price is EUR 250,000:
| The first 85,430.10 EUR | EUR 85,430.10 @ 3 % = | 2,562.90 EUR |
| 85,430.10 to 170,860.14 EUR | EUR 85,430.10 @ 5 % = | 4,271.51 EUR |
| Any amount above 170,860.14 EUR | EUR 79,139.86 @ 8 % = | 6,331.18 EUR |
| TOTAL | 13,165.59 EUR |
PLEASE NOTE: Should the purchase be made in joint names (provided the price is more than 85,430 EUR) the effective value for calculation is halved.
For example if the purchase price is EUR 250,000:
| 1st Buyer | EUR 85,430.10 @ 3 % = | 2,562.9 EUR |
| EUR 39,569.9 @ 5 % = | 1,978.5 EUR | |
| 2nd Buyer | EUR 85,430.10 @ 3 % = | 2,562.9 EUR |
| EUR 39,569.9 @ 5 % = | 1,978.5 EUR | |
| TOTAL | 9,082.8 EUR |