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Here are a just few reasons why you should want to invest in Cyprus property.
- Cyprus is a fully fledged member of the European Union recently converting to the Euro currency, which makes the economy of the island very attractive to foreign real estate investors.
- Cyprus has a wonderful climate with sunshine during most part of the year, making staying in Cyprus a continuous pleasure.
- The locals have a friendly and hospitable nature and the crime rate is almost non-existing. You can enjoy a happy and safe life in Cyprus.
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| Why Athanasiou Construction & Development? |
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- Established since 1975 our experience allows us to develop our incomparable style in business approach, where the main targets are high construction quality, interior and exterior design, customer satisfaction and most importantly, an after sales service second to none.
- Over the years we have served many clients from all over the world. Our clients can choose their Cyprus property from a wide range of architectural designs and can participate in creating their dream Cyprus home from the first stages of construction.
- Our team of trained professionals is constantly in direct contact with our customers. They speak a multitude of languages and are well placed to understand our customers’ needs, making the experience of buying property in Cyprus by us a stress-free experience.
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Below you will find a general guide to the property taxes & fees applicable when purchasing
immovable property:
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The registration fees payable to the Land Registry Office for the registration of the immovable property in the name of the applicant are as follows:
| Value of property in Euros |
Transfer fee rate (%) |
| up to 85.430,07 |
3 |
| From 85.431,78 to 170.860,14 |
5 |
| From 170.861,85 and over |
8 |
| The remaining Euros 34.172 @5% |
= Euros 1.7086 |
| Total fees payable |
= Euros 4.271 | | |
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The annual immovable property tax is calculated on the market value of the property as assessed on 1st January 1980 and it referes to the immovable property registered in the name of the taxpayer on 1st January of each year. The rate of taxation is as follows:
| Market value of property in Euros |
Annual property tax (%) |
| up to 170.860,14 |
exempt |
| From 171.860,15 to 427.150,36 |
0,25 |
| From 427.150,37 to 854.300,72 |
0,35 |
| over 854.300,72 |
0,4 | | |
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On disposal of the property, capital gains tax will be payable at the rate of 20% on the gain with the first 17.086 EUR being exempt for each person. The gains are the difference between the sales proceeds and the original cost of the property. In the case of a property which was purchased before 1/1/1980, the gains are the difference between the sales proceeds and the market value of the property as of 1/1/1980.
On top of this allowance, the seller is entitled to a further allowance regarding the transfer fees paid, inflation rate per year and the cost of any additions made to the house.
In sales of property used as a residence by the vendor, the first 85.430 EUR of the sale price are exempt, provided that he has been using the same as his residence for at least 5 years prior to the sale.
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The purchaser is liable for the payment of stamp duty at the rate of 1.5 Euros per thousand up to the value of 100.000 Euros and thereafter at the rate of 2 Euros per thousand.
This should be paid within 30 days of signing the contract .
For example if the purchase price is Euros 100.000
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first Euros100,000 |
0,15% |
Euros 150 |
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next Euros50,000 |
0,20% |
Euros 100 |
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Total |
Euros 250 | |
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A rough guide could be approximately EUR 85 -256 per year depending on the size of your property. This tax is for refuse collection, street lighting, sewerage, etc.
The basic utilities, electricity, water and telephone are payable individually in accordance with the consumption and based on a meter reading. |
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Since 1/5/04 a statute in respect of VAT on properties was
introduced. In
addition to other amendments, this statute introduced VAT on the rate of 15%.
Properties
with building permit before 01/05/04 are
exempted of V.A.T. |
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