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Purchase Guide - Transfer Fees for Title Deeds and Specific Performance

All land is freehold and title deeds will be issued to you immediately on completion of payment. This is done simultaneously at the land registry.

New developments on large projects require subdivision of ownership. This has no effect on the security of the property as this procedure requires a Contract of Sale which will be filed at the Land Registry by your Lawyer along with the Specific Performance (which currently costs €1.71) this works as a temporary Title Deed, until the actual Title Deed becomes available.

This can work to your benefit, as this fee is based on the price that you buy the property on the date of purchase and payment is not required until they are readily available:

 Example

Transfer fess will be the biggest tax payment you will have to make. This is calculated as follows  

Property up to €85,500 will pay 3% on every thousand Euro of purchase.  

Property from €85,001 to €171,000 will pay a further 5% on every thousand Euro of purchase.  

Property from €171,001 will pay a further 8% on every thousand Euro of purchase.  

Example of a property valued at €250,000:  

3% ON €85,500 = €2,565  

5% ON €85,501 TO €171,000 = €4,275  

8% ON THE REMAINING €84,490  = €6,760  

Total €13,600  

However it is beneficial if a property is in joint names. The Purchase price is then divided between both parties. Example working on the presumption that the property is €250,000 in joint names:  

Property of  €250,000  will be calculated at €125,000 per owner.  

€125,000 will be calculated: 3% on the €85,500 = €2,565 and 5% on remaining €39,500  = €1,975

 The total transfer fees €9,080 

 


   
   
 
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PURCHASE GUIDE: The one off costs you need to be aware of during purchasing of both Land and Properties in Cyprus.

   
  Transfer fees for title deeds and specific performance    
  Stamp Duty    
  Immovable Property Tax    
  Annual Costs    
  Capital Gains Tax    
  Legal Fees    

 

 

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