Transfer Fees in Cyprus are charges levied by the Land Registry for the legal transfer of property ownership from the seller to the buyer. These fees are typically calculated as a percentage of the property's market value. The fees vary depending on factors such as property value and whether the buyer has purchased property in Cyprus before.
Rates and values
Transfer Fees for individual purchases: When purchasing an item, the total cost is divided into parts, and a percentage is calculated for each part according to the following table:
- Up to 85,000: 1.5%
- From 85,001 to 170,000: 2.5%
- Above 170,001: 4%
The percentages are then added up to determine the total transfer fees.
Transfer Fees for joint purchases: Similar to individual purchases, the cost of the item is divided into parts. The percentage for each component is calculated according to the following table:
- Up to 170,000: 1.5%
- From 170,001 to 340,000: 2.5%
- Above 340,001: 4%
The total transfer fees are calculated by adding up the resulting percentages.
Why it is important
Transfer Fees in Cyprus are critical in finalizing property transactions. These fees must be paid for the ownership to be legally transferred and recorded. The fees contribute to the total cost of property acquisition and should be considered in financial planning. For first-time buyers in Cyprus, the fees might be reduced, providing some financial relief. Understanding the structure of Transfer Fees is essential for both buyers and sellers to facilitate a smooth property transfer.