How to buy in Cyprus

ESSENTIAL GUIDELINES
Buying property in Cyprus is a safe and painless experience, as long as a reputable agent is used. Remember professional agencies will only work with professional developers. Purple International will guide you through all the procedures helping you to purchase your dream home in the sun easily and safely.

Useful Notes

• Cyprus has high beneficial tax incentives for foreign investors
• Stability and high future investment in Cyprus came with EU accession in May 2004.
• With the EU, foreigners are now able to open a business, work, live and buy more than one property in Cyprus.
• Being able to purchase more than one property opens up the ability to purchase properties for income as well as investment growth (buy to let).

Hidden Costs

• Solicitor fees are approximately Euro 1708.60.
• Stamp duty has to be paid by the purchaser within 30 days of signing the contract of sale. The payable rate in Cyprus is Euro 2.56 per thousand up to Euro 170,860, and thenEuro 3.42 per thousand over and above Cyp Euro 170,860. This is normally paid by the solicitor on behalf of the purchaser and added to their fees.
• Title Deed Transfer Fees. When the title deeds for the property are issued, a fee is incurred to transfer the freehold ownership to the new owner. These fees are listed below.

Property Value Transfer Fee
Up to Euro 85,430 - 3%
Euro 85,430-170,860 - 5%
Euro 170,860 and over 8%

In addition it should be noted that if the contract of sale is in 2 names the calculated values are halved and applied to each person. Therefore a property valued at Euro 153,774 in 2 names would mean Euro 76,887 each and only 3% each payable.

It should also be noted that title deeds take approximately 3-5 years to be issued however the property value is calculated at time of purchase as per contract of sale.