Stamp Duty in Cyprus
The property purchaser is liable for stamp duty on completion of the sale contract and it should be paid within 30 days of the contract being signed.

The rates are as follows
Up to €171,000 0.15% €2.57 for every 1,000
Over €171,000 0.20% €3.42 for every 1,000

e.g. A purchase price of €256,500 will be dealt with as follows:
Up to €171,000 0.15% CY£150
Over €85,500 0.20% CY£100

Total stamp duty payable €427

Cyprus Property Transfer Fee
The property transfer fee represents a significant cost to the purchaser. It becomes payable upon the transfer of the title deed. In cases where the property is a new build, there will be a delay of approximately 3 years or more before the title deed will be issued by the land registry. The transfer fee will be payable at that time based on the value of the property at the time of the purchase.

Note that if a property is purchased jointly by two or more individuals then the cost of the property will be deemed to be divided equally. The consequence in respect of the property transfer fee is that the rate indicated below will apportioned on an individual basis and will thus significantly reduce the overall fee payable.

Value of property in €Euro
Up to €85,500 3%
From €85,501-171,000 5%
Over €171,000 8%

e.g. A purchase price of €256,500 will be dealt with as follows:
Up to €85,500 €2,565
From €85,501-171,000 €4,270
€171,001-256,500 €6,840

Property transfer fee payable €13,680

VAT in Cyprus
New build developments are subject to VAT, currently at 15%

Capital Gains Tax in Cyprus
On the disposal of the property, Capital gains tax (CGT) will be payable at the rate of 20% on the gain. The first CY€17,100 per person is exempt, this exemption rising to €85,500 if the vendor has lived in the property continuously for the previous 5 years.
Further allowances are granted in relation to property transfer fees, inflation and receipted improvements made to the property within specified limits.

Cyprus Inheritance Tax
This tax was abolished on the 1st January 2000

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