VAT
Vat is charged at the rate of 19% and at the reduced rate of 5% for properties purchased by permanent residents of Cyprus, provided that the property will be used as the main residence.
Stamp Duty
A one – off stamp duty applied to the buyer of the property and payable to the Land Registry.
Property Transfer fees
Upon the transfer of the property to the buyer’s name, the Land Registry office will charge transfer fees at the value of-
Property value up to 85,000€ - 3%
85,000€- 170,000€- 5%
Over 170,000€- 8%
Important note - The Cyprus Parliament has announced the abolishment or reduction of property transfer fees - exemption from transfer fees if the property has been subject to Vat. In the case that the transaction is not subject to Vat, the current legislation provides for an exemption of 50% of the transfer fees.
Immovable Property Tax
This annual imposed tax is calculated on the market value of the property as on 1st January 1980.
| Up to €40,000 | 0.60% |
| €40,001 - €120,000 | 0.80% |
| €120,001 - €170,000 | 0.90% |
| €170,001 - €300,000 | 1.10% |
| €300,001 - €500,000 | 1.30% |
| €500,001 - €800,000 | 1.50% |
| €800,001 - €3,000,000 | 1.70% |
| Over €3,000,001 | 1.90% |
Local Authority Tax
Levied by the Local Authorities these are payable annually and may vary depending on the site of the property.