65 Poseidonos Avenue & 2 Iasonos Street
Natalia Court 2, Kato Paphos - Cyprus
Tel: +357 26934724 - Fax: +357 26938180
Tel. (UK): +448458320754
Email: info@alexiourealestate.com
Website: www.alexiourealestate.com

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INFORMATION REGARDING PURCHASING A PROPERTY IN CYPRUS

PAYING FOR CYPRUS PROPERTY
You are required to pay for your property in foreign currency. Personal cheques, bank drafts and telex transfers are all acceptable.
We can take you to a bank to open External Account, to deal with all your money transfers ensuring that the necessary certificates are obtained from the Central Bank of Cyprus, relating to your property purchase.

APPROVAL TO THE COUNCIL OF MINISTERS
Having signed a contract of sale for your property, a routine procedure, it will be necessary to make an application to the Council of Ministers to grant its approval for a non-Cypriot to acquire immovable property, we will assist in the processing and monitoring of your application.
SELLING YOUR PROPERTY
When you sell, you can export from Cyprus the original purchase price and profit, providing you get the Clearance Certificate and pay the Capital Gains taxes if any.

PROPERTY TAXES/FEES
a) Property Transfer Fees
These are necessary in order to transfer Freehold ownership to your name and this can be done as soon as the relevant Government Authority has issued the title deed and your account has been settled.

The Property Transfer Fees are payable once only the Land Registry Office according to the following scale:

Value of Property transfer fee rate
%
Euros
Up to 85,430 3.0
From 85,431 -170,860 5.0
Over 170,860 8.0

b) Local Authority Taxes (Rates)
These are between 51 -200 Euros per annum depending on the size of your property and are for refuse collection, street lighting etc.

 

 


c) Immovable Property Tax
The registered owner of the property is liable for this annual tax and it is based upon the value of his/her property.

Value CYP Pounds Annual Tax Pounds per Thousand £s

Up to 170,860 exempt
170,861 - 427,150 2.5
427,152 - 854,300 3.5
over 854,300 4.0

d) Stamp Duty
The purchaser is liable for the payment of stamp duty at the rate of 2.5 Euros per thousand up to the value of 170,860 Euros and thereafter the rate is 3.41 Euros per thousand. This duty should be paid within 30 days of signing the contract and we will, at your request, pay this and debit your account.

PROPERTY RE-SALES
Should you wish to sell your property at a later stage, leave it to the experts. We are specialists in property re-sales and will secure the sale of your property at the market price through our network of overseas offices.