The Cyprus Government, in an attempt to increase investments, has recently reduced the transfer fees by 50%. The present calculation of the transfer fee is as follows: Up to 85,000 Euros it is 1.5 %, then 85,001 to 170,000 Euros it is 2.5% and over 170,000 Euros it is 4% per person. Note: in the event that the property is being purchased by two purchasers, the transfer fees will be less as the value of the property is divided by two, calculated separately and then added together i.e.
|Example if 1 person||Example if 2 persons|
|Property Value €||€500,000||€500,000|
|Property Value € per person||Fees -%||€500,000||€250,000|
|Up to 85,000||1.5%||€1,275||€1,275|
|170,001 and over||4%||€13,200||€3,200|
|Total per person||€16,600||€6,600|
The transfer fee is only payable when Purchasers acquire their Title Deed. If the title deed is not available at the time of purchase of the property, it will only be paid at a later stage when the title deeds are available.