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Home -> Cyprus Property Transfer Tax Fees -Title Deed Ownership

Cyprus Property Transfer Tax Fees -Title Deed Ownership

 Cyprus Property Transfer Tax-fees - Title Deeds Certificate

Cyprus property transfer tax-fees are paid to the Cyprus Government when transferring freehold ownership certificate of a property to the name of the new purchaser from the seller, vendor. 

Changes to the transfer fees will take place on January 1, 2012. Please see the new rates at the bottom of this page.

The purchaser will only pay the transfer tax-fees when the transfer of the property's title deed is legally put into the new owner's name. 

The title deeds may take three to four years or even longer to be transferred to the new owner(s). For example, we have one client who was advised by his lawyer that, " The Cyprus property transfer tax-fees 'title deed' would take at least four years to be completed and transferred". The lawyer advised the purchaser correctly and all parties completed the purchase on this understanding. It is now four and a half years since the property purchase was completed; we expect the title deeds to be transferred in about four months from today's date 1.11.06. 

These were unusual circumstances. However, lawyers in Cyprus know the problems involved when issuing title deeds and will advise you correctly. 

You must, without exception, discuss title deed issues and Cyprus property transfer tax-fees with your lawyer in Cyprus, along with all property purchasing related concerns. If you do not, then it is very likely; you will have a problem in this process.

The Purchaser is responsible for the tax-fee payment. The rates are on a graduated scale.

Value of property  (€uro)

Transfer Fee Rate (%)

Up to € 85,430

3

From € 85,431 to € 170,860

5

From € 170,861 and over

8

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.

The following example illustrates this:

For a property purchased for € 120.000 in one name, the fees payable are € 4,292

For property in one name at €120,000


  • Up to             €  85,430     @ 3%    = € 2,563
  • The remaining € 34,570     @ 5%    = € 1,729

Total fees payable                          = € 4.292

For a property purchased for € 120,000 in the names of two persons, the fees payable are € 3,600

For property in the names of two persons at €120,000


  • First     € 60,000 @  3% = € 1,800 (husband's share)
  • Second € 60,000 @  3% = € 1,800 (wife's share)

Total fees payable    =     € 3,600

More examples  

House Price =  € 200,000  One owner.


  • First             € 85,430    @ 3%  = € 2,563
  • Next            € 85,430    @ 5%  =  € 4,271
  • Remaining    € 29,140    @ 8%  =  € 2,331

Total                                         =  €9,165

 

Two Owners. House Price = € 200,000 / 2 = € 100,000 each.


  • First             € 85,430   @ 3% =  € 2563 x 2 =  € 5,126
  • Remaining   € 14,570   @ 5%  =   € 728 x 2 =  € 1,456 
                                     @ 8%  =                               0.000


Total                                                                  € 6,582  

Immovable Property Tax

Revision of bands and increase in rates effective January 1, 2012.


The threshold for payment of immovable property tax, which is payable by individuals and companies on the aggregate value of property owned in Cyprus, has been reduced and the rates have been increased. Assessments continue to be based on 1980 values.

 

 

Value of property
as at January 1 1980

Rate

Cumulative tax
at top of band

0 - €120,000

0

0

€120,000 - €170,000

0.4%

€200

€170,000 - €300,000

0.5%

€850

€300,000 - €500,000

0.6%

€2,050

€500,000 - €800,000

0.7%

€4,150

€800,000 and above

0.8%

N/A



See Also: Cyprus Property Lawyer | Cyprus Estate Agents | Cyprus Transfer Fees | Cyprus Property VAT | Cyprus Stamp Duty | Cyprus Council of Ministers | Cyprus Property Tax | Cyprus Capital Gains Tax | Bank of Cyprus | Mortgages in Cyprus | Purchase Contract | Cyprus Land Registry | Cyprus Chartered Surveyors | Making a Cyprus Will | Cyprus Title Deeds | Cyprus Certificate Final Approval