When property is acquired in Cyprus, the purchaser is liable to pay transfer fees, when the property is registered in his/her name at the Lands Registry Office.
The fees charged by the Department of Land and Surveys to the acquirer for transfers of immovable property are as follows:
In an effort to revive the real estate market for the period commencing 2 December 2011 to 31 December 2016, a transfer subject to VAT will be exempt from the above transfer fees and a transfer not subject to VAT will be eligible for a 50% exemption from the above transfer fees.
The above relaxation (reduced transfer fees or no transfer fees) has been extended until 31.12.2016 as per Amendment Law 34 (1)/2013. It should be noted that this relaxation would be applicable at any time if the property is sold for the first time and the contract of sale is concluded and deposited at the Land's Registry before 31.12.2016.
In the case of property transferred to a family company, transfer fees are refundable after five years if the property remains with the company and the shareholders remain the same.
In the case of property transferred from a company whose shareholders are spouses and/or their children, to one of the two spouses, or their children or to a relative up to third degree of relation the transfer fees are calculated on the value of the property as follows:
Also the following rates are applicable in the case of free transfers: