What documents are usually needed?

Title deeds. Identity cards/passports. Statement from electricity authority. Authorization from the client to apply on behalf of the client to the proper authorities.

ATTENTION : Document may vary as per each case. We recommend consultation with us before starting collecting any document’s.

How much transfer fees do I have to pay by way of gift?

The transfer fees vary according to each situation such as by way of gift from parents to children is for free. The land registry charges only €5 per person per tittle. Any other gift up to a 3rd degree relation is a charge of 1/1000 on the 01/01/2018 price indicated on the title deed plus €5 per title deed per person.

How much transfer fees do i have to pay by way of purchase?

Transfer fees are paid by the purchaser. The land registry evaluation Department plays a significant role on how much the purchaser must pay transfer fees and it’s according to their evaluation on how much the overall transfer fees are charged. So actually the declared purchase price is not always accepted by the authorities if it is considered to be lower than the actual market value which always is having in comparison neighboring recent sales. If on the purchase price a VAT is implemented at any rate the transfer fees are zero. Any evaluation that exceeds the purchase price  plus VAT the purchaser is subject to pay an additional transfer fees on the difference.

How much taxes i have to pay for selling my property?

Capital Gains Tax are paid by the Vendor. Each case is unique having in mind the following parameters when calculating the Capital Gains Tax (CGT).
The CGT in Cyprus is 20% on the actual profit after deducting the various exemptions. Such as the purchase price, inflation indicators, previous transfer fee’s, any renovations been made, any bank interests if the property was initially acquired by a loan, any real estate agent fees etc. Arrange an appointment with us for further explanation.

How long does this procedure usually takes?

This depends on how fast and collaborating the two parties are, if banks are involved in the whole transaction and if any other third parties are involved (*Assignment Agreements). Usually the tax department is ready within two weeks and about 7-10 days the Land Registry Department. So the time frame is about more or less a month. If the property was rented an additional time might be required at the Tax Office calculating other taxes that have to be paid.