What are the costs of buying property in Cyprus?

In Cyprus the purchaser must pay stamp duty within 30 days of signing a contract. The rate of stamp duty payable is 0.15 per cent of the property price purchase for properties up to the value of €170,000 and 0.2 per cent for properties over €170,000. The first €5,000 is exempt from stamp duty.

Is it worth buying property in Cyprus?

Real estate to buy in Cyprus is absolutely worth it if you’re looking to get residency quickly in this beautiful island. For a €350K investment, you and your family will not only get a beautiful second home, but also residency permits which permit you to legally live, work and study in Cyprus.

Do you pay stamp duty in Cyprus?

Stamp duties

When buying property in Cyprus, the buyer typically pays for the stamp duties that need to be applied on the purchase agreement and related documents. These are paid to the Inland Revenue (i.e. the Cyprus Tax Department).

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How much is property tax in Cyprus?

Immovable Property Tax Rates are as below :

Assessed 1980 Property Value Annual Property Tax Rate Accumulated Tax (Max)
€1 to €12,500 Nil €0
€12,501 to €40,000 0.60% €240
€40,001 to €120,000 0.80% €880
€120,001 to €170,000 0.90% €1,330

Is buying property in Cyprus easy?

In short – yes, foreigners are able to purchase property in Cyprus. What’s more, it’s easier to do so here when compared with many European countries. EU citizens are able to purchase property in Cyprus with no restrictions.

Is there council tax in Cyprus?

Council Tax

This is normally paid annually in one lump sum. The amount will depend on the location, size and age of the property.

Can I still buy property in Cyprus after Brexit?

Buying a property in Cyprus after Brexit

UK citizens can buy a property in Cyprus following the same rules and regulations as any other non-EU citizens.

Where is the best place to buy property in Cyprus?

Top places to buy in Cyprus

  • Nicosia. The capital of the Republic of Cyprus, modern, cosmopolitan Nicosia is a lively city of about 300,000 people situated some 50km from the coast. …
  • Limassol. …
  • Paphos. …
  • Larnaca. …
  • Peyia. …
  • Residential home. …
  • Holiday home. …
  • Buy to let/Investment property.

What is the best area to live in Cyprus?

Paphos is ranked as the best city to live in Cyprus for seven years in a row. It is a favorite destination among British immigrants and is home to a large expat community. In 2007 it won the title of City of Culture in Europe.

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How much do you need to live in Cyprus?

Family of four estimated monthly costs are 2,736$ (2,417€) without rent. A single person estimated monthly costs are 776$ (686€) without rent. Cost of living in Cyprus is, on average, 17.33% lower than in United States. Rent in Cyprus is, on average, 47.61% lower than in United States.

How much are title deeds in Cyprus?

A Title Deed is a very important legal document which is used as evidence to prove ownership of immovable property, such as a home or a plot of land. HOW much do Title Deeds cost? – the simple answer is €0.85 – and copies may be purchased from the District Lands Office in which the property is situated.

Where do expats live in Cyprus?

Over 50% of expats live in Paphos, Cyprus’s fourth largest city. The villages in the district around Paphos are very popular for the expats that want to live outside a city. Many of the villas and residences are ‘summer’ homes, used by the owners only for part of the year.

Do you pay VAT on property in Cyprus?

When buying a new Cyprus property, it is required to pay VAT. The rate of VAT on the territory of the Republic of Cyprus is 19%. Purchase of the secondary housing market object, as well as objects of the primary real estate market that have a building permit issued before May 1, 2004, are not subject to taxation.

Is there VAT on property in Cyprus?

VAT rate in Cyprus

The standard VAT rate of 19% is required to be paid when you buying a new property. But according to the law, the buyer has an opportunity to save, and pay only 5% VAT on the first new housing.

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