- If you are interested in buying property in Cyprus, we highly recommend you to contact a professional real estate broker with has many years of experience. Our commission as real estate agents is 3% of the official sales price.
- You should also contact a lawyer who will carefully check the ownership of the property for you. The lawyer is also responsible for the official contract.
- If possible appoint someone in Cyprus to be able to have the possibility to act for you with a power of attorney in all legal matters. This is important to proceed with the contracts in the most professional way and not to lose time, otherwise you will be required to make many visits to Cyprus simply because it is very unusual that a contract is drawn up and signed within a few days.
- Official contracts can be drawn in the English language.
- If you have already chosen the property you wish to buy, we recommend you sign a pre contract. This contract is binding for both parties.
- There is an additional VAT tax of about 19%. In some special cases the VAT tax is just about 5% (i.e. the buyer is not allowed to use it as a business property for rent and he must keep it at least 10 years in his ownership)
- For some properties you do not have to pay VAT Tax. In this case a transfer fee has to be paid and it depends from the official sales price (between 3% - 8%)
- The lawyers fee is about 1% of the official sales contract.
- Within the next 30 days after the signature of the contract, a stamp duty must be paid, which is between 0,15% - 0,20%.
- Since 2017 there is no removable property tax anymore.
- There is a cost between Euro 100 - Euro 500 for the community services (i.e. garbage, sewerage etc.)
- Each property is registered in the Land Registry of Cyprus