Legal Information
The legal system in Cyprus is mainly based on the British as well as the Greek legal system. Most laws are translated into English. In addition, the Land Registry is also based on the British one, which is probably one of the most reliable and advanced system in the world. Legal fees are much more reasonable than other European countries.
Residential Permit
Residential permit is easily obtained for people living in Cyprus and who have purchased a property in Cyprus
Standard of living
Cyprus provides a fairly high standard of living, reaching that of 70% of the EU average, and a rather low cost of living. The annual per capita income is about US 17,000.
VAT
VAT is applicable, currently at the rate of 19%
Duty Free
Household Goods, furniture and other items can be imported free, provided that they are for personal use. There is no duty on a car. In addition couples in their retirement can enjoy an additional concession of two Duty-Free cars.
Family pets
You can bring your cat and dog along with you at your new home, provided that they have had all their vaccinations.
Specific Performance
If you buy property that is not transferred immediately on to your name, you should deposit your contract with the Districts Land Office within two months from the date of signing. If you do not deposit the contract and the seller changes their mind about the sale, your only remedy for the breach is damages, whereas if you deposit you contract you can resort to the Law. The depositing of the contract also acts as a charge on the property.
Stamp duty:
The purchaser is liable to pay the payment of stamp duty at the rate of 0.15 % of the market value of the property up to 171.000 € and 0.20% for over 171.000 €. The contract should be stamped within a period of 30 (thirty) day’s from signing. This stamp must be paid before depositing the contract to the land registry for specific performance purposes.
Transfer Fees
The purchaser will be liable to pay the following transfer fees for the property acquired, when this is registered in their name at the Districts Lands office. The fees are charged on the property’s market value at the date of purchase.
|
Value of Property € |
Transfer Fee Rate % on property value |
|
Up to 85,500 € |
3.0 % |
|
85,501 - 171,000 € |
5.0% |
|
Over 171,000 € |
8.0% |
Immovable Property
The registered owner of the property is liable to pay an annual immoveable property tax calculated on the market value of the property as of 1 January 1980.
|
Market Value € |
Annual Tax % |
|
Up to 171,000 € |
Zero |
|
171,001 - 427.500 € |
0.25% |
|
427,501 - 855,000 € |
0.35% |
|
Over 855,000 € |
0.40% |
