Once the Council of Minister's permission is obtained and the Central Bank of Cyprus confirms receipt of the foreign funds then the transfer of title deed can be effected. On transfer of the title deed of the FREEHOLD property (which may be issued 3 - 5 years after completion of the property) and registration in the purchaser's name the District Land and Surveys Department will charge transfer fees, which are based on the market value of the immovable property at the time of purchase and which must be paid "once only" by the Purchaser. The rates are on a graduated scale and are calculated as follows:
| PROPERTY VALUE (€) |
TRANSFER FEE RATE (%) |
| 1,71 - 85.430,07 |
3 |
| 85.430,08 - 170.860,14 |
5 |
| 170.860,15 and over |
8 |
Note: for properties owned in joint names e.g. of a couple or two individuals transfer fees are charged on the 50% of the property value for each (as the purchase value is divided into two parts) providing an advantage for any property value exceeding €85.430,07.
The following example is illustratively:
For a property purchased for €150.000 in the name of one purchaser the transfer fees payable are €5.791,39
| PROPERTY VALUE €150.000 |
SOLE PURCHASE TRANSFER FEES |
| Up to €85.430,07@ 3% |
=€2.562,90 |
| Remaining €64.569,93 @ 5% |
=€3.228,49 |
| Total transfer fees |
=€5.791,39 |
For a property purchased for €150.000 in the names of two purchasers, the transfer fees payable are €4.500
| PROPERTY VALUE €150.000 |
JOINT PURCHASE TRANSFER FEES |
| First €75.000 @ 3% |
=€2.250
|
| Second €75.000 @ 3% |
=€2.250 |
| Total transfer fees |
=€4.500 |
|
