Transfer Fees

A one-off payment; The purchaser will be liable to pay the following transfer fees for the property acquired, when this is registered in his name at the Lands’ Office. The fees are charged on the property’s market value at the date of purchase:

 

 

Property Value €

Fees -%

Transfer fee €

Up to €85.430

3%

€2.563

€85.431-€170.860

5%

€4.271

€170.861 and over

8%


 

 

The director of the Lands Office may dispute the declared value and adopt a Market Value of the property. The adopted valuation date is the date of purchase provided the sales contract is deposited at the Lands Office. If not, the actual transfer date will be adopted as the valuation date, unless proof of the purchase date is provided.

 

If the property is placed in joint names, e.g. the name of a couple (husband & wife) or two individuals, then the purchase value is split into two parts which results in reduced transfer fees. For example:


If €170.860 property is bought
Property on one name


Property in the names of two persons

Up to €85.430

3%

€2.563

Husband
€85.430

3%

€2.563

€85.430-€170.861

5%

€4.271

Wife
€85.430

3%

€2.563

Total Fees Payable

€6.834

Total Fees Payable

€5.126


In accordance with the legislation enacted in 2011 which amends the Land Transfer Fees law for any transfers of new properties until 31 December 2016, no property transfer fees will be imposed in the event where the real estate transferred is subject to VAT.

In the event of transfer of buildings or part of them that are sold for the first time after the issue of their planning permission or building permit and the dates of both the conclusion of the sale agreement and the date deposited to the District Land Registry fall within the period that this law applies, land transfer fees are reduced by 50%.

 

 

Transfer Fees | Immovable Property Tax | Stamp Duty | Capital Gains Tax | VAT on Property

 

 

For more information please refer to KPMG website www.kpmg.com.cy