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TAXES IN CYPRUS

TRANSFER FEES

Property PriceRate
First €85.0003%
€85.001 to €170.0005%
Over €170.0008%

A transfer of the property which is subject to VAT is exempt from the above transfer fees.

A transfer of the property which is not subject to VAT will be eligible for a 50% exemption from the above transfer fees.

CAPITAL GAINS TAX

When selling property, the seller must pay 20% tax on profit (the difference between the purchase price and the sale price).  In some cases, a decrease in tax calculation may be possible, if the seller takes into account – loan servicing, the cost for renovation etc.  Subject to certain conditions, properties acquired between July 16, 2015 and December 31, 2016 inclusive, are exempt from capital gains tax on future sales.

ADDED VALUE TAX

When buying new real estate from a developer, the buyer must pay 19% VAT.  The same rate is applicable to undeveloped land, on which construction is planned.

In transactions involving the purchase of new property from first –time buyers the buyers have the right to apply for a reduced rate of VAT of 5% rather than 19%. The preferential rate of VAT applies to the first 200 sq. m of an object (area) the remaining area is subject to VAT at a rate of 19%. Property must be used for the purpose of permanent residence in Cyprus for a minimum of 10 years.

STAMP DUTY

It is calculated on the basis of the contract selling price.

ValueRate
The first €5.0000
€5.001 – €170.0000.15%
More than €170.0000.2%

OTHER

Once a year, property owners must pay the so-called municipal fee (garbage collection, repair and maintenance of streets, etc.).  Each municipality calculates their fees separately based on the value of the facility in 2013.

 

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