GUIDE OF BUYING
A PROPERTY

A Guide of Buying a Property in Cyprus

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Would you like a hassle-free experience of buying a property in Cyprus. Because our team is prepared to walk you through every step and help whenever and wherever it is required, we have included a list of the key steps in this process below, along with helpful information.

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STEP 1: LOCATE YOUR DESIRED PROPERTY

Once you have decided to buy property in Cyprus, you must select the greatest house that meets all of your needs and expectations. Our property experts are available to schedule a personal tour of our available projects and show you homes or apartments at your convenience.

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STEP 2: LEGAL ADVICES AND FEES

When purchasing a home or land in Cyprus, it is vital to seek the assistance of local lawyers based in the Cyprus Republic. Indeed, we represent our customers independently, with no in-house or employed lawyers. If necessary, we can put you in touch with a reputable local law firm and introduce you to them.
Legal expenses for property transactions in Cyprus are typically one percent of the total sum, but this might vary depending on the specific situation.

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STEP 3: THE CONTRACT OF SALE

The attorney will prepare a sales contract once we have completed our due diligence on the property in issue and obtained documentation such as planning permits, plans, and licenses for you. All signatories must append their signatures, which will be impressed at the registrar's office - Lands Registry. This approach legitimizes the acquisition, thereby saving all parties involved.

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STEP 4: PAYMENT TERMS

The payment arrangements for a property purchase vary depending on the property's development stage. Whether it's off-plan, under construction, or completed. Normally, an advance deposit payment is necessary to secure the property and make it unavailable to others. Before signing a contract of sale, the parties will reach an agreement on the remaining payment schedule parameters.

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STEP 5: STAMP DUTIES

Stamp duty is levied on all transactions involving property acquisitions in Cyprus, based on the value of the property.
Stamp duty is waived on properties worth less than €5,000.
Stamp duty payments are determined at €1.5 per thousand for properties valued between € 5,000 and € 170,000.
When the value of the property(ies) reaches €170,000, the stamp duty fee is computed at €2 per €1,000, with a maximum sum of €20,000.

 

STEP 6: VAT & TAX INCENTIVES

Cyprus has exempted inheritance and immovable property taxes since 2000.
The selling of a property will result in a 20% capital gain tax on the profit made. However, depending on the exclusions, this cost can be lowered.
Reduced VAT rate for the purchase of a first home that has a planning permit number by November 1, 2023:

(1) For apartments or homes, a 5% VAT is levied on the first 200M2, with no restriction on the property's worth.

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​(2) Reduced VAT rate for the acquisition of a first home with planning clearance after November 1, 2023:

• A 5% VAT rate is applied on flats priced up to €350,000.

• A 5% VAT rate is levied on homes valued up to €350,000 and measuring up to 130 square metres.

• For houses valued more than €350,000 and up to €475,000, a 19% VAT is levied on the amount that exceeds the €350,000 maximum.

• For homes costing more than €475,000, a 19% VAT rate is applied to the whole value.

• For homes larger than 190 square meters, a 19% VAT rate is applied to the overall amount.

• For people with impairments, 5% VAT is levied on the first 190 square metres of residential space up to a value of €475,000.

• In the case of large families, the total area of the residence increases by fifteen (15) square meters for each additional kid beyond three children, both when building and when purchasing a home.

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STEP 7: TITLE DEEDS

We endeavor to complete and hand over our developments on time, as well as to issue applications and initiate procedures for issuing individual title documents to the owners soon after the project is completed.
We often handle lower-scale projects with a single or a small number of investors / buyers. As a result, construction for the entire project occurs concurrently and efficiently. Expect prompt and competent assistance throughout the project's lifecycle, as well as the benefit of being able to apply for title deeds as soon as the project is completed, which we strive to achieve on schedule for every project.

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