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Costs
associated with the acquisition of property in Cyprus Stamp duty
A stamp duty of
0.15% (CyŁ1.50 per CyŁ1.000) is levied on purchase contacts with a value of up
to CyŁ100,000. For any amounts more than this, the rate is 0.2% (CyŁ2 per CyŁ1.000).
This duty is due within 30 days of signing the contract. The payment is payable
by the purchaser when presenting
the contract to the authorities for authentication and validation as an official
document acknowledge by the government.
Transfer fees
Property transfer
fees are payable only once by the purchaser and are due when the title deeds are
transferred to his name.
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Property
Value (CyŁ)
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Transfer Fees
(%)
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Transfer
Fees (CyŁ)
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Total Transfer
Fees (CyŁ)
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Up to 50.000
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3
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1500
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1500
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50.000-100.000
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5
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2500
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4000
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Over 100.000
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8
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-
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-
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Immovable property tax
The registered owner
is liable for this annual tax, which is based on the value of his property.
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Property
Value (CyŁ)
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Annual Tax (%)
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CyŁ per CyŁ1.000
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Total Annual
Tax (CyŁ)
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Up to 100.000
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0
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0
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0
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100.000-250.000
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0,25
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2.5
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375
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250.000-500.00
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0,35
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3.5
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1.250
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Over 500.000
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0,4
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4
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-
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Capital gains tax
Gains from the sale
of immovable property in Cyprus are taxed at a 20% rate. However, generous
exemptions are given, i.e. net capital gains up to CyŁ50.000 earned from the
disposal of a family residence are tax exempt.
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