Legal fees
In Cyprus, hiring a lawyer to manage the legal aspects of your property purchase is highly recommended. Legal fees typically range from 1% to 2% of the purchase price. These fees cover title deed searches, contract preparation, and conveyancing services to ensure your transaction is secure and compliant.
Taxes
Stamp duty is the primary tax you’ll encounter when buying property in Cyprus. It is charged on the purchase price as follows: 0.15% for the first €170,000 and 0.20% for any amount above this threshold. This duty is paid upon contract registration at the Tax Department.
Transfer fees
Transfer fees, also known as Land Registry fees, are payable when the title deed is transferred to your name. Rates vary between 3% and 8% depending on the property value. Some exemptions or reductions may apply for first-time buyers or new properties subject to VAT. It’s important to check the latest regulations or consult with your lawyer to understand what applies to your case.
Additional notes
Other possible costs include VAT on new properties (typically 19%) and government fees for registering the sale. Budgeting for these in advance will help you avoid financial surprises.