Cyprus Property Transfer Tax Fees -Title Deed Ownership.  Cyprus Property Transfer Tax-fees – Title Deeds Certificate

Cyprus property transfer tax-fees are paid to the Cyprus Government when transferring freehold ownership certificate of a property to the name of the new purchaser from the seller, vendor. The purchaser will only pay the transfer tax-fees when the transfer of the property’s title deed is legally put into the new owner’s name. The Purchaser is responsible for the tax-fee payment. The rates are on a graduated scale.

Value of property  (€uro) Transfer Fee Rate (%)
Up to € 85,430 3
From € 85,431 To €170,860 5
From € 170,861 and over 8
 

If the property is in joint names e.g. of a couple (husband and wife) or two individuals, then the purchase value is divided into two parts, which results in reduced transfer fees.

The following example illustrates this:

For a property purchased for € 120.000 in one name, the fees payable are € 4,292

For property in one name at €120,000

  • Up to                  €  85,430     @ 3%       = € 2,563
  • The remaining € 34,570       @ 5%       = € 1,729

Total fees payable                                       = € 4.292

For a property purchased for € 120,000 in the names of two persons, the fees payable are € 3,600

For property in the names of two persons at €120,000

  • First      € 60,000 @  3% = € 1,800 (husband’s share)
  • Second € 60,000 @  3% = € 1,800 (wife’s share)

Total fees payable                =     € 3,600

More examples 

House Price =  € 200,000  One owner.

  • First               € 85,430    @ 3%  = € 2,563
  • Next               € 85,430    @ 5%  =  € 4,271
  • Remaining    € 29,140    @ 8%  =  € 2,331

Total                                                     =  €9,165

Two Owners. House Price = € 200,000 / 2 = € 100,000 each.

  • First             € 85,430   @ 3% =  € 2563 x 2 =  € 5,126
  • Remaining   € 14,570   @ 5%  = € 728 x   =  € 1,456
  •                                          @ 8%                         = € 0.0

Total                                                                         =  € 6,582 

Immovable Property Tax

Revision of bands and increase in rates effective January 1, 2012.

The threshold for payment of immovable property tax, which is payable by individuals and companies on the aggregate value of property owned in Cyprus, has been reduced and the rates have been increased. Assessments continue to be based on 1980 values.

Value of property
as at January 1 1980
Rate Cumulative tax
at top of band
0 – €120,000 0.0% €0
€120,000 – €170,000 0.4% €200
€170,000 – €300,000 0.5% €850
 
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