When buying property in Cyprus, the buyer typically pays for the stamp duties that need to be applied on the purchase agreement and related documents. These are paid to the Cyprus Tax Department. You can find our stamp duties calculator below:
Power of attorney. The majority of buyers (as well as sellers) of properties give a power of attorney to the lawyers to allow them to be abroad at any moment of the transaction and to avoid multiple visits at the authorities for signing the necessary forms. A Power of Attorney need to be stamped as well. A general power of attorney’s stamp duty is €6 and a specific power of attorney’s (also referred to as limited or special power of attorney) stamp duty is €2
A purchase of property in Cyprus is completed when the title deed is registered on the buyer. On the day of title registration, the Land Registry will estimate the market value of the property being purchased and charge the buyer Transfer Fees
You can find our transfer fees calculator below:
Value Added Tax (VAT) at the rate of 19% applies to the purchase price of new properties and certain types of land. However, this may be reduced to 5% provided that the property is to be used as the primary and permanent residence of the applicant under the certain conditions
When buying a property there are other smaller expenses, such as the cost of lodging a purchase contract or an assignment and other due diligence costs.