Transfer Fees

Transfer fees are liable to be paid by the purchaser when the property is registered in their name at the District Land Office. The fees are charged on the market value of the property at the date of purchase and are payable on a graduated scale:

Value of property in Cyprus Pounds	Transfer fee rate (%)
Up to 50,000	3
From 50,000-100,000	5
Over 100,000	8

For Example, if the purchase price is CY£ 90,000:

	Value	Transfer Fee Rate	Amount
The First	CY£ 50,000	3 %	CY£ 1,500
The Next	CY£ 40,000	5 %	CY£ 2,000
		Total	CY£ 3,500

Should the purchase be made in joint names (i.e. husband and wife, and provided that the total purchase price is more than £50,000 CYP) the calculation for the total transfer fee is as follows:

For Example, if the purchase price is CY£ 90,000:

	Value	Transfer Fee Rate	Amount
The First	CY£ 45,000	3 %	CY£ 1,350
The Next	CY£ 45,000	3 %	CY£ 1,350
		Total	CY£ 2,700

Stamp Duty

Due at the time of signing the contract, stamp duty is levied at the rate of C£1.50 per C£1,000 up to the value of CY£ 100,000, and above that the rate is C£2.00 per C£1,000.

For Example, if the value (or purchase price) is CY£ 150,000:

	Value	Stamp Duty (£ per CY£1000)	Amount
The First	CY£ 100,000	CY£ 1.50	CY£ 150
The Next	CY£ 50,000	CY£ 2.00	CY£ 100
		Total	CY£ 250

Immovable Property Tax

The registered owner of the property is liable to an annual immoveable property tax calculated on the market value of the property as at 1 January 1980. In practice, therefore, very few properties are liable to this tax

Value of Property (in Cyprus Pounds)	Annual Property Tax (rate per thousand)
Up to 100,000	exempt
100,001 to 250,000	2.0
250,001 to 500,000	3.0
Over 500,000	3.5

Local Authority Taxes and rates

Estimate roughly something between CY£ 50-150 per year depending on the size of your property. This tax is for garbage collection, street lighting, sewerage, etc and is akin to Council Tax in the UK.