A. Fees to Pay when Signing a Contract of Sale in Cyprus

  1. Stamp Duty
    • 0.15% on any property with a value of up to €170.860,14 (after deducting €5.000).
    • Then 0.20% on any amount above 170.860,14. To be paid within 30 days of signing.

    Example Purchase Price: €220.000

    1st €5.000 - €170.860 at 0,15% = €248.79
    Then €49140 at 0,20% = € 98.28
    Total stamp duty payable €247.07
  2. Land Registry Contract of Sale Deposit fees             €50 euro
  3. VAT
  4. The Rate of VAT in Cyprus is 19%.
    First time buyers are entitled to a VAT Rate of 5% subject to the approval of the Cyprus VAT office.

B. Annual Property Taxes and Fees to Pay As A Owner of a Property

  1. Local Authority Fees
  2. Depending on the size of your property, local authorities charge between €80 – €250 per annum for regular refuse collection, street lighting, sewerage and similar community services. payable to your local municipal authority.

  3. Municipality Tax
  4. The annual Municipality Tax is calculated on the market value of the property as at 1st of January 1980. Rates vary from 0.001‰ - 0.002‰. Municipality tax is payable to your local municipal authority.

  5. Sewage Tax
  6. The annual Sewerage Tax, calculated on the market value of the property as at 1st of January 1980. Rates vary from 0.03‰ – 0.035‰. Sewerage taxes are payable annually to your local sewerage board.

  7. Other utilities/insurance rates
    • utility costs are fairly low
    • telecommunication rates are very competitive worldwide
    • electricity costs on average €500 annually
    • water costs on average €200
    • Paid monthly or quarterly in advance.
    • property insurance is priced at 1.65% of the property value
  8. Inheritance Tax
  9. There is no inheritance tax in Cyprus.

C. Building Communal services fees

  • depend on the type and size of property that you have purchased
  • In a normal apartment building of 10 Apartments, such charges range from €30 to €50.
  • If the property that is part of project which consists of facilities such as swimming pool, jacuzzi, spa etc- communal fees will be substantially higher.
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