Acquiring Title Deeds:

With the signing of the Contract of Sale and payment of the deposit, the Contract is registered at the Land Registry Office. This procedure protects the purchaser’s ownership rights until the title deeds are issued as the contract cannot be withdrawn by anyone and therefore the property cannot be leased, sold or mortgaged. This status can only be altered by the purchasers themselves.

Property Transfer Fees:

Transfer Fees are payable to the Land Registry Office. The amount is based on a sliding scale as shown below. The fee is paid by the purchaser and is due when the Title Deeds are transferred to his name.

Value of Property in Cy£ Rate of Transfer Fee in %

Up to £50,000 3%
£50,000 - £100,000 5%
Over £100,000 8%

Stamp Duty:

A Stamp Duty of CY£1.5 per thousand is required on purchase contracts with a value of up to £100,000. The rate for amounts in excess of this is CY£2 per thousand. The Duty is due within 30 days of signing the Contract and is payable by the purchaser.

Immovable Property Tax:

The registered owner of a property in Cyprus is liable for this annual tax which is based on the value of his property. Property valued at up to CY£100,000 is exempt from tax. For property exceeding that value the rates are as follows:

Value of Property in CY£ Annual Tax

£100,001 - 250,000 £2.00 per thousand
£250,001 - 500,000 £3.00 per thousand
Over £500,000 £3.50 per thousand

Sale of Property:

You can sell your property at any time with no restrictions. If you are a non-resident alien and you purchase a holiday home with foreign currency you can take out in foreign currency the proceeds of sale as follows:

- Immediately - a sum equal to the purchase price
- Subsequently - CY£50,000 a year

Capital Gains Tax:

Gains from the sale of immovable property in Cyprus are, as a rule, at the rate of 20%. However generous exemptions are provided for: i.e. net capital gains up to CY£50,000 earned from the disposal of a family residence are tax exempt.

Local Authority Taxes:

Property taxes charged by the local authority are in the range of CY£30 - 100 per annum, dependent upon the size of the property. This tax covers the cost for street lighting, garbage disposal etc.

Duty Free Privileges for Foreign Residents:

Foreigners living in Cyprus are allowed to buy a car, yacht and household personal effects free of import duty. These items can be bought locally.

(For more information please visit www.mof.gov.cy/ce.)

Residence Permit:

Obtaining a Residence Permit is a simple procedure. Applicants apply to the local immigration office, and produce the following:

- A Certificate from a Bank stating that the applicant is the holder of an account, along with a Statement of the balance of the account.
- Your Passport
- 3 Photographs
- CY£20.00
- A copy of the Sale or Rental Agreement

Medical Services:

Health care in Cyprus is of a very high standard and is available to all. If you prefer private treatment, there are many private clinics and medical centers around the Island. Health insurance schemes in Cyprus are also very reasonable and cost about CY£500.00 for a family, covering most possibilities. Final costs do, however, depend on age, state of health etc.

Pets and Veterinary Services:

Bringing your pet to Cyprus is relatively easy. A license must be obtained in advance from the Department of Veterinary Services in Nicosia. Pets do not need to be quarantined in kennels, but must be kept at home for six months after arrival.