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TAXES IN CYPRUS

TRANSFER FEES

If, during the purchase of property, VAT is paid, then the transfer of ownership (Title page) is free of charge.  If the property is not subject to VAT, then the transfer of ownership fee is reduced by 50%.  The base (fundamental) value of any property is determined by the Land Registry at its own discretion.

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, an increase in the purchase price 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 real estate from a developer, the buyer must pay 19% VAT.  The same rate is applicable to undeveloped land under construction, on which construction is planned.

The preferential rate of VAT (VAT) applies to the first 200 sq. m of an object (area) purchased or built with the purpose of permanent residence of the owner for a minimum of 10 years. The remaining area is subject to VAT at a rate of 19%.

STAMP DUTY

It is calculated on the basis of the selling price at the same rates as earlier. 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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