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SUMMARY OF GOVERNMENT COSTS
Stamp Duty
This is paid by the purchaser at the time of signing the contract of sale. The current rates are -The first CYP100,000 @ 0.15%.
Thereafter @ 0.20%.
Transfer Tax
This is paid by the purchaser at the time of the transfer and registration of title deeds and is based on the value of the property.
Up to CYP50,000 @ 3%.
Between 50,001-100,000 @ 5%
Over CYP100,000 @ 8%
Clear savings can be achieved if the property is registered on two names as they are both entitled to separate allowances.
Immovable Property Tax
is an annual immovable property ownership tax based on the value of the property (but as in 1980 which is of course much lower than the real present market value). This is paid annually by the registered owner. The rates stand as follows
Up to CYP100,000 exempt
Between CYP100,001-250,000 0.25%
Between CYP250,001-500,000 0.35%
Over 500,000 0.40%
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