Taxes
Transfer Fees
Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the purchaser. This can be done as soon as the relevant Government Authority has issued the title deed and the purchase has been completed. The Transferee is responsible for the tax payment. The rates are on a graduated scale as below.
|
Value of Property
|
Transfer fee rate
|
|
CY Pounds
|
%
|
|
UP TP 50,000
|
3.0
|
|
UP TP 50,000
|
5.0
|
|
OVER 100,000
|
8.0
|
Immovable property tax
The annual immovable property ownership tax is based upon the value of the property, as it is shown on the table below:
|
Market Value
|
Annual Tax per Thousand
|
|
CY Pounds
|
%
|
|
UP TP 100,000
|
Exempt
|
|
100,001 - 250,000
|
2.0
|
|
250,001 - 500,000
|
3.0
|
|
OVER 500,000
|
3.5
|