| (1) Transfer fees (Government
fees).
Once the relevant Government body has issued the title deeds for
a new property the purchaser has to pay the transfer fees at the
following rates:
| Up to CY£50,000 |
3.0% |
| CY£50,000 - CY£100,000 |
5.0% |
| CY£100,000 and over |
8.0% |
Once this is done, the immovable property purchased is transferred
to the purchaser's name:
| The first CY£50,000 |
@ 3.0% |
CY£1,500 |
| Next CY£10,000 |
@ 5.0% |
CY£500 |
Total
|
CY£2,000 |
Joint names purchase (husband and wife, brother and sister, etc).
| Husband - CY£30,000 |
@ 3.0% |
CY£900 |
| Wife - CY£30,000 |
@ 3.0% |
CY£900 |
Total
|
CY£1,800 |
(2) Capital gains tax
On disposal of the property, there will be capital gains tax at
the rate of 20 per cent on the profit. The first C£10.000
profit will be exempt and there is also an indexation allowance.
The seller is entitled to a further allowance in regard to costs
of the transfer fees paid and general work carried out on the property.
Gains from the disposal of a property are exempt up to CYP 50,000
in total if the owner resides in it continuously for at least five
years prior to disposal.
|
 |
(3) Estate duty
There is no estate duty in Cyprus.
(4) Stamp duty
In order to avoid a fine, the purchase contract should be stamped
within 30 days of its signing at the rate of 1.5% per thousand up
to C£100.000 and thereafter at the rate of 2.0% per thousand.
| The first CY£100,000 |
@ 1.5% |
CY£150 |
| Next CY£100,000 |
@ 2.0% |
CY£200 |
Total
|
CY£350 |
(5) Local Authority Rates
These rates are approximately C£ 50 to150 per year depending
on the size of the property. This tax is for refuse collection,
street lighting, sewerage, etc.
Electricity, water and telephone are all metered.
|
