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You are here : PROPERTY OWNERSHIP : Property Ownership Fees

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Property Ownership Fees

Ataleza Group will provide all customers upon the purchasers' request, legal assistance through its in-house legal advisor free of charge.*

(*Any costs owed to third persons other than Ataleza Group for acquiring these services will burden the customer)

First of all, it is very important to have a Cyprus lawyer's advice for the purchase of your Cyprus property. Their duty will be to do the necessary searches on the property, check or draw the contracts, make the application to the Cyprus Council of Ministers for the permit to own property in Cyprus. Usually, outside lawyers charge around CYP 500 - CYP 750 to do the search on the property and the application to the Council of Ministers. Purchasers are free to appoint a solicitor / lawyer of their choice to handle their affairs in Cyprus. However, Ataleza Group will provide all customers, upon the purchasers' request, legal assistance through its in-house legal advisor free of charge.

1. Property Registration / Transfer Fees

In order to determine the amount of transfer fees payable, the value of the Cyprus property will be reviewed by the District’s Land Office values, which may or may not accept the purchase value stipulated in the sales contract. The purchaser is liable to the payment of the transfer fees on the basis of the value of the property as assessed by the District Lands Office values (the basis is the open market value of the property on the date of the original transaction /sales contract).

Value of Property (CYP)	Transfer Fee Rate (%)
Up to 50.000	3.0
From 50.001 to 100.000	5.0
From100.001 and over	8.0

If the property is in joint names e.g. of a couple (husband and wife) or two individuals, then the purchase value is divided into two parts which results in reduced transfer fees.

For example, for a property purchased for 120,000 CYP in one name, the fees payable are 5.600 CYP

For a property bought in ONE name	Transfer fee rate (%)	Fees Payable
The first 50,000 CYP	@ 3%	= 1.500 CYP
The next 50,000 CYP	@ 5%	= 2.500 CYP
The final 20,000 CYP	@ 8%	= 1.600 CYP
Total fees Payable		=5.600 CYP

For a property purchased for 120.000 CYP in the names of two persons, the fees payable are 4.000CYP

For a property bought in TWO names	Transfer fee rate (%)	Fees Payable
The first 50,000 CYP	@ 3%	= 1.500 CYP(share of husband)
The second 50,000 CYP	@ 3%	= 1.500 CYP(share of wife)
The final 20.000 CYP	@ 5%	= 1.000 CYP
Total Fees Payable		= 4.000 CYP

2. Stamp duty

Within 30 days after signing the Contract, the purchaser is liable to pay the stamp duty which is levied at the rate of CYP £1.50 per CYP 1,000 CY Pounds up to the value of CYP 100,000 CY Pounds. Above that value, the stamp duty is levied at a rate of CYP 2.00 CY Pounds per CYP 1,000 CY Pounds.

3. Immovable Property Tax

The annual immovable property tax imposed by the government is depended on the value of the property.

Value in Cyprus Pounds	Annual Tax in CY Pounds/Thousand
Up to CYP 100,000	Exempt
CYP 100,001 - CYP 250,000	2.0
CYP 250,001 - CYP 500,000	3.0
Over CYP 500,000	3.5

4. Estate Duty/Inheritance Tax

The Cyprus property of a deceased person who was not domiciled in Cyprus is taxable. Inheritance tax is not payable on property purchased by a non-Cypriot, when the beneficiary is not domiciled in Cyprus. If the deceased was domiciled in Cyprus owning a property in Cyprus that was acquired after 1st January 1976, using foreign funds earned while permanently resident outside of Cyprus then Estate Duty is not payable

5. Capital Gains Tax

Property sales in Cyprus are subject to Capital Gains Tax at the rate of 20% on the gain, however, the first CYP 10,000 is exempt and there is an indexation allowance.

6. Utilities and Other Common Expenses

Electricity and water services are payable to the appropriate authorities over fixed periods of time throughout the year, usually every two months. The cost for each unit is strictly based upon the consumption of each unit. A rough estimate is CYP 30 - CYP 40 Cyprus Pounds / two months for electricity and CYP 10 - CYP 20 Cyprus Pounds / two months for water. Sewerage, in average, costs CYP 50 Cyprus Pounds / year. The local Municipality or other authorities are responsible for the regular collection of rubbish and the cost is approximately CYP 20-CYP 30 Cyprus Pounds / year.

7. Insurance

Until the transfer of Title Deeds to the owners, Ataleza Group provides its customers a comprehensive insurance cover for fire and associated hazards. The cost is dependent always on the value of the property that is being insured.

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