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Cyprus Property Purchase Legalities

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The purchasing process is now simpler than ever!

FINANCING YOUR CYPRUS PROPERTY PURCHASE

Property financing options in Cyprus include:

  • Outright payments
  • Mortgages or loans

Pafilia's credit control executives can help you choose the financing option best suited to you.

SELECT & RESERVE YOUR CYPRUS PROPERTY

The first stage of purchasing an off-plan Pafilia property entails payment of a reservation fee. A nominal deposit of €2,000 is required to reserve a property with a purchase value under €500,000 and a deposit of €4,000 is required to reserve a property with a purchase value greater than €500,000. Reservation fees are transferable to another property or family member for a period of one year.

LEGAL

Pafilia recommends that clients take independent legal advice from a local lawyer and are able to refer you to a number of reputable lawyers in Cyprus.

CYPRUS PROPERTY CONTRACT OF SALE

The Cypriot legal system is British based. All contracts of sale are private agreements between the vendor and purchaser and must by law, be in writing. Pafilia prepares all contracts of sale in English and it is a language recognized by the government authorities

FILING YOUR CYPRUS PROPERTY CONTRACT OF SALE WITH THE LAND REGISTRY

Once you have signed your contract of sale, your lawyer should file this with the Land Registry within 180 days. This is termed "Specific Performance' and ensures your beneficial rights to property ownership are legally protected. Once filed, your contract of sale cannot be withdrawn by anyone other than yourself, meaning that your property cannot be leased, sold, transferred or mortgaged without your consent.

CYPRUS PROPERTY STAMP DUTY

This is a one off payment borne by the purchaser and is payable to any Taxation Office of the Republic. Your lawyer can make the payment on your behalf, which is due within 30 days of signing the contract.

Property ValueStamp Duty
Up to €5,000 0%
€5,001 - €170,0000.15%
€170,001 & above 0.20% (with a maximum stamp duty amount of €20,000)

CYPRUS PROPERTY TRANSFER FEES

Upon transfer of the property and registration in the purchaser’s name, the district Land Registry office will charge transfer fees.

These are based on the market value of the property at the time of purchase and are calculated as follows:

ValueRate
Up to €85,000 3%
€85,000 - €170,000 5%
Over €170,000 8%

There is currently a transfer fee incentive scheme in place until 31st December 2016.

The changes apply to, where the contract is dated and deposited at the Land Registry before this date. Specifically: Applicable between 02.12.2011 and 31.12.16

  • For those who pay VAT on their house purchase, property transfer fees are waived.
  • For those who do not pay VAT on their purchase, property transfer fees are reduced by 50%.
  • Property Transfer Fees become payable after the issuance of title deeds, when the property is transferred to the purchasers name.
 

Head Office:
33 Nicodemou Mylona
Pafos, CY8101
Cyprus
T: +357 26 848 800
F: +357 26 934 910
E: info@pafilia.com
Freephone: 8000 89 89
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Limassol Office:
307-309
28th October Avenue
Limassol, CY3105
Cyprus
T: +357 25 590 880
E: info@pafilia.com

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Moscow Office:
12 Kransopresnenskaia
Naberezhnaia
Poz'ezd 6, Office 1032
Moscow, Russia
T: +7 (495) 258 1970 /71
F: +7 (495) 258 1970 /71
E: russian@pafilia.com
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Beijing Office:
Room 3305, No.6 Building
Jianwai SOHO
No.39 East 3rd Ring
Middle Road, Chaoyang
District, Beijing, China
T: +86 186 1115 0291
E: info@pafilia.cn.com
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South East Asia Office:
Level 46, Bitexco Financial Tower
2 Hai Trieu Street
District 1
Ho Chi Minh, Vietnam
T: +84 28 6287 5911
M: +84 122 768 6019
E: b.winter@pafilia.com
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Athens Office:
Corner 58 Kafkasou &
52 Skopelou Streets
Kypseli
Athens
Greece
T: +30 210 2717100
E: c.diagkos@pafilia.com
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