FEES AND TAXES
A. Fees to Pay when Signing a Contract of Sale in Cyprus
- Stamp Duty
- 0.15% on any property with a value of up to €170.860,14 (after deducting €5.000).
- Then 0.20% on any amount above 170.860,14. To be paid within 30 days of signing.
Example Purchase Price: €220.000
Land Registry Contract of Sale Deposit fees €50 euro
||€5.000 - €170.860
||Total stamp duty payable
The Rate of VAT in Cyprus is 19%.
First time buyers are entitled to a VAT Rate of 5% subject to the approval of the Cyprus VAT office.
B. Annual Property Taxes and Fees to Pay As A Owner of a Property
- Local Authority Fees
Depending on the size of your property, local authorities charge between €80 – €250 per annum for
regular refuse collection, street lighting, sewerage and similar community services. payable to your local
- Municipality Tax
The annual Municipality Tax is calculated on the market value of the property as at 1st of January 1980.
Rates vary from 0.001‰ - 0.002‰. Municipality tax is payable to your local municipal authority.
- Sewage Tax
The annual Sewerage Tax, calculated on the market value of the property as at 1st of January 1980.
Rates vary from 0.03‰ – 0.035‰. Sewerage taxes are payable annually to your local sewerage board.
- Other utilities/insurance rates
- utility costs are fairly low
- telecommunication rates are very competitive worldwide
- electricity costs on average €500 annually
- water costs on average €200
- Paid monthly or quarterly in advance.
- property insurance is priced at 1.65% of the property value
There is no inheritance tax in Cyprus.
C. Building Communal services fees
- depend on the type and size of property that you have purchased
- In a normal apartment building of 10 Apartments, such charges range from €30 to €50.
If the property that is part of project which consists of facilities such as swimming pool, jacuzzi, spa
etc- communal fees will be substantially higher.