FINANCING YOUR PROPERTY
Most commercial banks in Cyprus are authorized to offer mortgage facilities to local as well as foreign applicants to assist the financing of their property. Financing can be also obtained from banking institutions abroad.
PROPERTY TAXES AND FEES
Upon transfer of the property and registration in the purchaser’s name, the district Land Registry Office will charge transfer fees, which are based on the market value of the property at the time of the purchase. Properties which are subject to VAT will be exempt from the transfer fees.
After signing the Contract of Sale, the purchaser may stamp it within 1 month of its signing by paying the stamp duty according to the value of the property.
Local Authority Taxes & Rates
Local authority rates and taxes vary according to each Municipality and the size of the property. This tax includes refuse collection, street lighting, sewerage, etc. The basic utilities of electricity, water and telephone are payable individually in accordance with the consumption.
Newly-constructed properties are subject to a standard rate of 19%.
VAT has been reduced to 5% for buyers of first residences up to 200 square meters.