- method of payment (with details, if paid to the buyer's account)
- payment terms
- deadline for closing the deal
- all terms of the deal
- When the contracts are signed, the buyer's legal representative delivers the signed contracts to the Department of Internal Revenue for printing. Next, you will need to pay a one-time "Stamp Duty" tax, which is payable on the contract of sale depending on the value of the property
- When the signed contracts are stamped, the buyer (or his attorney or representative) must take them to the Land Department for filing/registration for further action.
- The Land Office stamps the contract and records it in the Land Registry. This secures the buyer's ownership until the title deeds (Title Deed of Ownership) are issued.
- up to 85,000 € - 3% of the value of the object
- From 85,000 € to 170,000 € - 5%
- over €170,000 - 8%
- For buyers whose properties are not subject to VAT, the fee for reissuing a Title Deed of Ownership has been reduced by 50%.
- Buyers whose properties are subject to VAT will be completely exempt from paying the Title Deed reissue fee.
Important to know
VAT (value added tax) at the standard rate of 19% on the sale and purchase of land for development. VAT (value added tax) is charged in cases where the land is sold for one or more buildings, and the sale refers to the economic activity of a person. Note that the purchase and sale of land is not subject to VAT in cases where the purchase and sale is a random transaction.
Cyprus Capital Gains Tax is levied (when the sale is not subject to income tax) at a rate of 20% on gains from the sale of immovables located in Cyprus, including profits from the sale of shares of companies that directly own the property.
The following types of real estate transactions are not
subject to capital gains tax: Land or land with buildings acquired between July 16, 2015 and July 31
December 2016 are exempt from this tax
(subject to certain conditions)
sale, Transfers arising from death, Gifts given by parents to a child or between
husband and wife or between relatives up to the third
degree. Gifts from a company whose shareholders
are members of the family of the giver, Gifts of the family company to its shareholders.
Individuals may deduct the following from capital gains: costs associated with the purchase and sale of real estate are also deductible under certain conditions, such as real estate agency fees, money transfer fees, legal fees. Lands or land plots with buildings purchased between July 16, 2015 and December 31, 2016 are exempt from this tax (under certain conditions) when they are sold.
Gifts made from parents to a child or between husband and wife or between up to the third degree relatives. Gifts from a company whose shareholders are members of the donor's family. Gifts from a family company to its shareholders.
Expropriation of a mansion (under certain conditions) €85,430 Expropriation of agricultural land by a farmer €25,629
Any other expropriation €17,086
Note. The above points are lifetime exemptions with a total lifetime maximum of €85,430.
Cyprus Capital Gains Tax Calculations
The Cyprus inheritance tax was abolished on 1 January 2000 and is no longer applicable.
There is no property tax in Cyprus.