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| Larnaca : |
 31 °C |
| Limassol : |
29 °C |
| Nicosia : |
31 °C |
| Paphos : |
30 °C |
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Transfer of ownership takes place by a simple process of registration at the Land Registry Office and the issuing of a separate title deed approximately 3 to 5 years after completion and delivery. This can be done either by you personally or by a Power of Attorney to your Solicitor. A prerequisite for registration, in the case of aliens, is evidence that the property has been paid for with foreign exchange and approval by the council of Ministers of Purchaser’s application to buy property in Cyprus. Those formalities can be taken up by your lawyer on your behalf. However, before the registration of the completed property the purchaser should pay the transfer fees to the Land Registry Office. Other costs involved during the purchase of any property in Cyprus are as follows: Stamp Duty – A one-off stamp duty is levied on the purchase of property in Cyprus. The rates are dependant on the contractual purchase amounts and payment is due within 30 days of signing the Sale Agreement. The amounts payable are broken down as: | 0 – 170,800 Euros | 0.15% | | Over 170,800 Euros | 0.20% |
Transfer Fees – Transfer can be affected once permission to acquire has been granted by the Council of Ministers and a separate Title Deed has been issued. This take 3 – 5 years after completion of the property. Transfer fees are payable by the purchaser on the sale price as follows: | Up to 85,430 Euros | 3% | | 85,430 – 170,860 Euros | 5% | | Over 170,860 Euros | 8% |
As with any property purchase, there are legal fees which become apparent during the buying process, and these are: Arrangement Fees – 1% of loan amount (This can be added to your loan amount) | Stamps for documents | approx 1,300 Euros | | Land registry expenses | approx 170 Euros | | Valuation fees | approx 130 Euros |
We believe that knowing whole process and explaining all costs involved is imperative when purchasing any property anywhere in world. Jewel Of Cyprus offer a bespoke service to retain our clients and build a long lasting relationship.
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Larnaca Bay - Phase 1
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Med Sun Villas
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