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The RIGHT time to buy a Cyprus Property

The RIGHT time to buy a Cyprus Property

The new Law

As of 14 July 2016, the Lands and Surveys Department (Fees and Rights) (as amended) (No 2) Law, the reduction of transfer fees of immovable property is now permanent. Buyers can obtain title deeds for their properties in Cyprus and pay:
• no transfer fees; or
• reduced transfer fees; and
• zero capital gains tax for properties purchased up to 31/12/2016

The new Law is applicable

a) when a contract of sale to purchase a property was deposited at the relevant District Land Registry Office on or before 31st December 2014;

b) even if buyers who failed to deposit their contract of sale can obtain a court order in order to deposit it at the relevant District Office;

c) where a title deed for the property has already been issued and the purchaser has fully paid the purchase price and has duly conformed with every other obligation under the contract of sale then the Land Registry Office shall transfer the title deed of the property in the name of such a purchaser albeit the existence of any mortgage or charge due to the seller;

d) where a title deed has not been issued yet, and the purchaser has duly paid the purchase price and conformed with all of his obligations under the sale of contract, then he can proceed to the transfer of the title deeds of his property in his name along with the filing of another application for the update of the title deeds that will make the issuing of separate transfer deeds even faster. This is so, irrespective of the existence any mortgage or other charge on the property.

Transfer Fees

• no transfer fees impose if VAT is paid on the purchase price of the property till 31 December 2016;

• 50% reduction in the payment of transfer fees apply for new purchases until 31 December 2016;

• additional 10% reduction, over and above of the reduction of the 50%, if the purchaser pays the transfer fees within 60 days and before 31st December 2016; and

• a payment scheme of 12 monthly instalments available.

The transfer fees are calculated on the basis, of the market value of the property as at the date of the transfer and are payable at the time of the transfer.

The rates are:
Property value

Example: a property is valued at €200.000, the transfer fees are:
• first €85.430 = €2.563
• next €85.429 = €4.271
• next €29.140 = €2.331
Total: €9.165 less 50% exemption: €4.582

Capital Gains Tax
The sale of immovable property situated in Cyprus till 31 December 2016 will incur 0% capital gains tax.
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The RIGHT time to buy a Cyprus Property

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