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Frequently Asked Questions about Cyprus (Page 2)

Aphrodite brings you a list of straight-talking answers to some common questions about Cyprus stamp duty and transfer taxes, and links to relevant resources for more information.

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Answers to common questions about Cypriot stamp duty, transfer taxes, and more

Are there any permits I need in order to purchase real estate in Cyprus?

There are no longer any restrictions on European Union citizens buying real estate in the Republic of Cyprus, as these would break European law.

Non-EU-resident must still apply in writing for Permission to buy property from the Cypriot Council of Ministers. This process is little more than a formality, since permission is granted to all genuine buyers more or less automatically.

You may wish to note that the Republic of Cyprus has brought its property laws into line with E.U. directives, and that since May 1st 2009 all European Union residents may buy property freely just as they would at home.

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If I decide to sell my property, are there any restrictions?

According to Cypriot law:

Cypriot and non Cypriot property owners may freely sell their property to both Cypriot and non Cypriot buyers without restriction.

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Are there transfer taxes?

Upon completion of the sale, in order to transfer ownership of a property into your name and acquire the title deeds, the applicable Real Estate transfer tax needs to be paid.

Fee rates payable are as follows:

Property Value   Tax Rate
Up to €85,400 @ 3%
From
€85,401 to €170,800
@ 5%
€170,801 and over @ 8%

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How much is stamp duty?

In Cyprus, stamp duty is payable at the time the sales contracts are signed.

It is levied at the rate of 0.15% for up-to-date home values up to €170,800, and 0.2% for current property market values above €170,800.

There is also a charge of €1.71 (C£1 in old money) for depositing the contracts with the Land Registry Office.
Find out more...

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What is double taxation?

Cyprus has double taxation agreements with a number of different countries. In effect, what double taxation means is that any taxes payable in one country are offset against taxes payable in another country.

For example, if, as a British worker, you are paying 20% income tax in Cyprus, it is offset against tax you are legally obliged to pay at home, leaving you with only the difference between the lower Cypriot tax rate and the higher British tax rate to pay in the UK.

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What languages do Cypriots speak?

The Republic of Cyprus' native language is Greek.

This being said, over 90% of the native population speak English, which is by far the second most spoken language in southern Cyprus. It is also interesting to note that 23% of Cypriots hold a University degree, making Cyprus one of the best educated countries in Europe.

Furthermore, the growing tourist trade in recent years is also resulting in other languages being widely spoken such as German, Russian and French.

What this means from a practical standpoint, is that you'll find English spoken to quite a high standard in every place which gets any substantial tourist traffic, as well as any town/village with a sizable British population. Once you head off the beaten tracks though, things can get a little shaky, especially in some smaller communities.

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Cyprus Capital Gains Tax?

If you own property in the Republic of Cyprus, capital gains tax will probably become an issue at some stage, so it pays to stay informed. And while the tax-rate in Cyprus is somewhat higher than in the UK, there are a number of allowances available which can seriously reduce the amount of money you owe the Cypriot government when you sell your home.
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Disclaimer. Please note that the information given on this website is displayed for guidance purposes only. It does not replace the need for professional advice, either legal or otherwise. E&OE

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