Cyprus ConveyancingProperty Purchase and sale in Cyprus

We understand that a property transaction can be a stressful and seemingly complicated process, especially in a foreign jurisdiction. With our experience we can advise you regarding the legal and administrative process in Cyprus, which you will find to be very different from that of the United Kingdom. We offer a truly independent and high quality Cypriot property conveyancing service which is both responsive and also competitively priced. Our aim is to always ensure that your transaction proceeds as smoothly and as quickly as possible.

Why do I need a Solicitor to represent me?

You may be informed that you do not need to use a solicitor to buy or sell property in Cyprus, but, as a non-Cypriot national it is important to understand that the Cypriot business culture, business practices and administrative and legal systems differ greatly from those in the United Kingdom. You also need to consider that most of the application forms and legal documents at the Land Registry and Income Tax office will be in the Greek language. 

You would not contemplate buying a property in the United Kingdom without instructing a solicitor - so why consider doing so in Cyprus!

Property Title Transfer

It is important to bear in mind that, in Cyprus, the title for a new property is rarely available for transfer and registration into your name at the time of the property purchase.  Similarly, not all re-sale properties will be available with separated title for transfer at the time of the property purchase.

Therefore, when considering the cost of a property purchase, you should remember that in addition to the purchase price of the property, that whilst transfer may not be take place at the time of your property purchase, in accordance with the law in Cyprus, at the time title is available for transfer to your name, you will be required to pay costs associated with the transfer which will include Title transfer tax. Thereafter, a title deed for the property will be issued recording you are the registered, legal owner of the title and property described.

Property title transfer tax is currently based upon the following sliding scale per purchaser:-

  • 3% - on the first €85,430
  • 5% - on the next €85,430
  • 8% - on the remainder

If your Contract of Sale is in joint names the Transfer Tax will be calculated as though you had each bought a one-half share of the property.

For example, on a purchase price of EUR 300,000=

Purchase price

EUR 300,000=

 

Total

Purchase in joint names - tax liability calculated on EUR 150,000 for each purchaser

Transfer duty

Party 1

joint

85,430.07

2,562.90

11,582.80

 

 

 

64,569.93

3,228.50

 

Party 2

joint

85,430.07

2,562.90

 

 

 

64,569.93

3,228.50

Transfer duty

 

single

85,430.07

2,562.90

17,165.59

 

 

 

85,430.07

4,271.50

 

 

 

129,139.86

10,331.19

 

The Land Registry will calculate Transfer Tax on the day of title transfer based on the market value of the property at its date of purchase, this being the date on the Contract of Sale.  Please be aware that the market value of the property may not be the same as the price you paid for the property.

 

Ms Angela Williams


For more information regarding property sale and purchase in Cyprus, contact our Conveyancing Manager, Ms Angela Williams on 00357 24 636 115.

 

 

 

Important Notice

Please see an important notice regarding changes that may affect your existing Will.

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