Property Transfer
Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the buyer. The transfer fees will be paid when the transfer of the title deed in the name of the purchaser will take place. The Purchaser is responsible for the tax payment. The rates are on a graduated scale.
|
Value of property (CYP) |
Transfer fee rate (%) |
|
up to 50,000 |
3 |
|
from 50,001 to 100,000 |
5 |
|
from 100.001 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 example clearly illustrates this
For property purchased for CYP 70.000 in one name, the fees payable are CYP 2.500.
For Property in one name
Up to CYP 50.000 @ 3% = CYP 1.500
The remaining CYP 20.000 @ 5% = CYP 1.000
Total fees payable = CYP 2.500
For property purchased for CYP 70.000 in the names of two persons, the fees payable are CYP 2.100.
For property in the names of two persons
First CYP 35.000 @ 3% = 1.050 (Share of husband)
Second CYP 35.000 @ 3% = CYP 1.050 (share of wife)
Total fees payable = CYP 2.100