Transfer fee by the Department of Land and Surveys
The following table shows the fees payable in the case of a transfer of property:
| Value of Property (C£) |
Transfer Fee (%) |
Accumulated Tax |
| Up to 50.000 |
3 |
1.500 |
| 50.000 - 100.000 |
5 |
2.500 |
| Over 100.000 |
8 |
|
Family transfers
If an immovable property is transferred to a family company, the transfer fees are refundable in five years if:
- The immovable property remains in the company
- No change was made in the company's shareholders
If an immovable property is transferred from a family company to the shareholders or their relatives up to a third degree relation the following fees are payable:
- 8% on the value of the property if the transfer is made to the wife of a shareholder
- 4% on the value of the property if the transfer is made to the child of a shareholder
- 8% on the value of the property if the transfer is made to a relative of a shareholder
The value of the immovable property is the value written on the title deed which applies to values of the year 1907.
Note
In the case of reorganisations of companies involving the transfer of immovable property the transfers concerned are not subject to fees.
Government grant for the purchase of new property
Individuals purchasing property in Cyprus, provided that it will be used as first residence, are eligible for a government grant. Individuals entitled for the grant are:
- 18 years of age
- citizens of the Cyprus republic or any EU member state and
- Does not use any other residence as first and permanent place of residence
The grant is subject to the following conditions:
- The application for the issue of building license was filed at the Town of Planning and Housing Department after the 1st May 2004
- The residence is to be used for the first time as primary and permanent place of stay and
- The property should not exceed 250 m2.
