Cyprus immovable property transfer fees
1. Payment and calculation of Cyprus immovable property transfer fees
Cyprus property transfer fees are payable by the purchaser for registering the acquired property.
Cyprus property transfer fees are calculated on the basis of the property’s market value on the date of purchase. This requires that the sale of the contract has been deposited at the Department of Lands and Surveys. If the contract of sale has not been deposited at the Department of Lands and Surveys the property’s transfer fees will be calculated on the assessed value of the property on the date the transfer takes place.
The following Cyprus property transfer fees apply to immovable property and are based on the market value of the property according to the Cyprus Land Registry Office.
2. Immovable property transfer fee rates
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- No immovable property transfer fees will be payable if the transfer relates to a transaction that is subject to VAT (e.g new build) (e.g., either standard or reduced rate of VAT).
- In case the property is not subject to VAT, the transfer fee will be reduced by 50 %.
- Transfer of immovable property can be treated as a gift between relatives up to the 3rd degree of kindred. The value of the property is as it has been determined on 1 January 2013.
- Transfer of property in trust the transfer fees amount to 50 Euros
- The mortgage registration fee amounts to 1% of the market value of the property.
- Nil transfer fees and nil mortgage registration fees are payable in case of immovable properties transferred due to a company reorganization.
- No immovable property transfer fees are payable in case of loan restructuring.
- No immovable property transfer fees are payable in case of reorganisations.
In case a property is registered as a sole property in a Company and the transaction involves the purchase of that company/property, the buyer receives a total exemption from transfer fees.
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