Lebrus

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

1st	€5.000 - €170.860	at	0,15%	=	€248.79
Then	€49140	at	0,20%	=	€ 98.28
	Total stamp duty payable				€247.07

Land Registry Contract of Sale Deposit fees €50 euro
VAT

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 municipal authority.

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

Inheritance Tax

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.