Cyprus has a strong and expanding economy. The annual average rate of growth in the past five years has been around 3.8%, while inflation has stood at around 2.9% and unemployment at 3.4%.

Our sales team will be happy to talk you through the financial process of buying a new property. We can, if required, put you in touch with companies offering commission free transfers of your base currency along with helping you to open external bank accounts here in Cyprus. If required, we can provide you with assistance in arranging a mortgage to help you to buy your property of up to 80% of the property’s purchase price. Quality Group can and will provide, if necessary, a bank guarantee as security towards the purchase of the property and until the issue of the title deed, with the cost being borne by the buyer.

We feel it is important to make our clients aware of all the costs involved in the purchase of a new property. When buying in Cyprus, the buyer is responsible for paying stamp duty and the Real Estate Transfer Tax (RETT.)

Stamp Duty pays for all the stamps required in making the purchase legal (at a rate of 0.15% on the first €171,000 of the property, and 0.2% on any amount above that.)

The RETT is the tax that arises on the transfer of ownership from one party to another. It is calculated as follows:-

Value

Value of property €	Transfer fee rate (Per Person)
Up to 85,500	3%
85,500 – 171,000	5%
Over 171,000	8%

The RETT is a personal tax so the amount payable is reduced if two or more people are registered as co-owners (maximum of 4 co-owners).

Purchase price is €342,000 in all three examples

Example 1: Sole buyer

First 85,500 x 3%	€2,565
Next 85,500 x 5%	€2,565
Next 171,000	€13,680
Total	€20,250

Example 2: Joint buyers

First 85,500 (each)	171,000 x 3%	€5,130
Next 85,500 (each)	171,000 x 5%	€8,550
Total		€13,680

Example 3: 4 buyers

First €85,500 (each)	342,000 x 3%	€10,260
Total		€10,260

This tax becomes payable when the individual title deeds are issued, which is usually 2 to 5 years after completion and delivery of the property. If the property is sold prior to the individual deeds being issued, the tax becomes the responsibility of the new buyer.

Home for Sale in Cyprus: Real Estate Guide

This website gives you information about properties sale in Cyprus or rent property in Cyprus as well as villas for sale in Cyprus,apartments for sale in Cyprus, houses for rent in Cyprus, property for sale in Cyprus, homes for rent in Cyprus by Quality Group Inc, a property developer and real estate developer in Cyprus.