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PROPERTY CHARGES.

VAT PAYABLE ON PROPERTY.

A standard VAT rate of 19% is required to be paid when buying a new property.

However, there is a reduced VAT rate, starting from 5%, for the acquisition of new residential property provided that the following terms and conditions are met:

The property must be used as the primary and permanent residence of the applicant for a minimum of ten years.

The applicant did not purchase any other property in Cyprus with a reduced VAT rate.

The applicant must be an individual, over 18 years old.

The reduced VAT rate of 5% is applied on the first 200 square meters of the property as per the architectural plans and on the remaining square meters, the standard rate of 19% is imposed.

PROPERTY TRANSFER FEES.

Properties subject to VAT are exempt from the transfer fees.

Properties not subject to VAT, the transfer fees imposed by the Department of Land and Surveys are as the table shown.

Further, properties not subject to VAT are eligible for a 50% exemption from the above transfer fees.

as shown in Table 1

Property Price

Rate

The first €85,000

3%

€85,001 – €170,000

5%

More than €170,000

8%

Table 1

STAMP DUTY.

Stamp Duty is payable and is calculated based on the purchase price. When purchasing a property, the Purchaser is responsible to pay the Stamp Duty at the following rate as show in Table 2

Value

Rate

The first €5,000

0%

€5,001 – €170,000

0.15%

More than €170,000

0.20%

Table 2

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