Transfership Owner Fees

Discovery will provide all customers, upon the purchasers' request, legal assistance through its in-house legal advisor for a fee of approximately £300 (Cyprus Pounds).* 
(*Any costs owned to third persons other than Discovery for acquiring these services will burden the customer) 

1. Property Registration / Transfer Fees

In order to determine the amount of transfer fees payable, the value of the property will be reviewed by the District’s Lands’ Office valuers, who may or may not accept the purchase value stipulated in the sales contract. The purchaser is liable to the payment of the transfer fees on the basis of the value of the property as assessed by the District Lands’ Office valuers (the basis is the open market value of the property on the date of the original transaction/sales contract). 
First of all, it is very important to have a solicitor's advise for the purchase of your property. Their duty will be to do the necessary searches on the property, check or draw the contracts, make the application to the Council of Ministers for the permit to own property in Cyprus. Usually, outside solicitors charge around CYP 500-CYP 750 CyP to do the search on the property and the application to the Council of Ministers. Purchasers are free to appoint a solicitor of their preference to handle their affairs in Cyprus. However, Discovery will provide all customers, upon the purchasers' request, legal assistance through its in-house legal advisor.
Value of Property (Cyprus Pounds) Transfer Fee Rate (%)
Up to CYP 50,000 3.0
From CYP 50,000 - CYP 100,000 5.0
Over CYP 100,000 8.0

2. Immovable Property Tax

The annual immovable property tax imposed by the government is depended on the value of the property. 
Value in Cyprus Pounds Annual Tax Ponds Per Thousand
Up to CYP 100,000 Exempt
CYP 100,001 – CYP 250,000 2.0
CYP 250,001 - CYP 500,000 3.0
Over CYP 500,000 3.5

3. Stamp duty

Within 30 days after signing the Contract, the purchaser is liable to pay the stamp duty which is levied at the rate of CYP 1.50 Cy Pounds per CYP 1,000 Cy Pounds up to the value of CYP 100,000 Cy Pounds. Above that value, the stamp duty is levied at a rate of CYP 2.00 Cy Pounds per CYP 1,000 Cy Pounds.

3. Estate Duty/Inheritance Tax

Property situated in Cyprus of a deceased person who was not domiciled in Cyprus is taxable. Inheritance tax is not payable on property purchased by a non-Cypriot, when the beneficiary is not domiciled in Cyprus. If the deceased was domiciled in Cyprus owing a property acquired after January 1, 1976 using foreign funds earned while permanently resident outside of Cyprus then Estate Duty is not payable

5. Capital Gains Tax

Property sales in Cyprus are subject to Capital Gains Tax at the rate of 20% on the gain, however, the first CYP 10,000 is exempted and there is an indexation allowance.

6. Utilities and Other Common Expenses

Electricity and water services are payable to the appropriate authorities over fixed periods of time throughout the year, usually every two months. The cost for each unit is strictly based upon the consumption of each unit. A rough estimate is CYP 40-CYP 50 Cyprus Pounds/ two months for electricity and CYP 10-CYP 20 Cyprus Pounds/ three months for water. Sewerage, in average, costs CYP 50 Cyprus Pounds/year. The local Municipal or other authorities are responsible for the regular collection of rubbish and the cost is approximately CYP 30-CYP 60 Cyprus Pounds/year.

7. Insurance

A comprehensive insurance is recommended to the buyers for fire and associated hazards.