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Information for buyers: taxation in Cyprus

1. Stamp duty

Buyers have to pay stamp duty. It amounts 1.50 EUR per each 1000 Euro (or 0.15%) for the amount below 170.860 EUR and 2.00 EUR (or 0.20%) per each 1000 of the amount above 170.860 EUR. This duty must be paid within 30 days from the signing of the contract.
Example: Property Price 250,000 EUR
The first 170,860 EUR : 170,860 x 0.15% = 256.29 EUR
Amount over 170,860 EUR: 79,140 x 0.20% = 158.28 EUR
Total: 414.57 EUR

2. Registration fee

To obtain a property ownership certificate the buyer has to pay a registration fee; afterwards the Title Deeds can be obtained. The registration fee is paid by the assignee. The fee is calculated as follows:
Property Value Euro (EUR) > Registration Fee (%)
Up to 85,430 EUR > 3%
From 85,430 EUR to 70,860 EUR > 5%
Over 170,860 EUR > 8%

An example of how much you will have to pay for re-registration of title when buying a property for 250,000 euros:
The first 85,430 EUR: 85,430 x 3% = 2,562.90 EUR
From 85,430 EUR to 170,860 EUR: 85,430 x 5% = 4,271.51 EUR
Above 170,860 EUR: 79,139 x 8% = 6,331.12 EUR
Total: 13,165.53 EUR

Please note: in case of registration of real estate on two names (for amounts more than 85,430 euros) payment will be calculated for each half of the amount separately.
For example, the value of the property is EUR 250,000:
1st buyer:
85,430 x 3% = 2,562.9 EUR
39,569 x 5% = 1,978.4 EUR
2nd buyer:
85,430 x 3% = 2,562.9 EUR
39,569 x 5% = 1,978.4 EUR
Total – 9,082.6 EUR

3. Annual Immovable Property Tax

The immovable property tax in Cyprus is very low, since it is calculated based on the cost of property in 1980 (on 1.01.1980), and therefore most of the owners do not have to pay it. It is calculated according to the following table:

Property Value (1980) EUR > Annual Tax
up to 170,860 EUR > Nontaxable
from 170,861 up to 427,150 EUR> 0.25%
from 428,858 to 854,300> 0.35%
Over 854,300> 0.4%

Municipal tax is 80-340 euros per year, depending on the area and the size of the property.

4. Capital gains tax

Capital Gains Tax is imposed at the rate of 20% for individuals and 12,5% for legal entities. Amounts up to 85,430 are nontaxable, if the funds were received from sale of immovable property which has been a permanent home for 5 years; and 17,860 EUR for other real estate. Renovation costs and inflation are also taken into account when calculating the tax.

5. VAT

Since 1st May 2004, VAT (at the rate of 18%) is imposed only when buying newly constructed buildings. Please note that when buying property for the first time, you can get a 10% reimbursement. In case the property was built after May 1, 2004, but the building permit was dated before May 1, 2004, no VAT will be charged.

6. Inheritance tax

In Cyprus, a lot of discounts and benefits are applied to the inheritance tax and, subsequently, the heir has to pay a very small amount. In fact, in most cases, foreign citizens’ properties are generally exempt from inheritance tax.

7. Municipal taxes

Municipal tax imposed by local authorities ranges from 50 to 250 euros per year, depending on the size of the property. The tax covers the costs of garbage collection, street lighting, etc.

Communal expenses

Electricity – 0,017 euro / kW (for a family of 3 people ~ 10 euros)
Water – up to 20 tons per month – 8.5 euros; the following 10 tons – 0.34 euro / ton
Local phone – 0,017 euros / 4 minutes.
Mobile phone – 0.1 euro / minute for outgoing call, incoming call free of charge.

Maintenance costs
If you are an owner of an apartment or townhouse in a complex with a swimming pool and a common area, then you will have the following annual expenses (approximately, in case of daily use):
Water: 100 EUR
Electricity: 500 EUR
Communal area cleaning, garbage collection: 170 EUR
Insurance: 350 EUR
Swimming pool and communal area maintenance etc.: 580 EUR

Thus, the monthly fee for the maintenance of the apartment or townhouse, including the maintenance of the pool and the communal area, will be approximately 142 euro.

If you are an owner of a villa or a detached house with a private swimming pool, then the expenses are:
Water: 170 EUR
Electricity: 500 EUR
Cleaning, garbage collection: 500 EUR
Insurance: 680 EUR
Pool and communal area maintenance: 1000 EUR
ИТОГО: 2850 EUR annually

Thus, the monthly fee for the villa or detached house maintenance will be approximately 237 EUR.


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