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Submit the contract of sale of the property
to the District Land Office within two months after signing
the contract. Apply to the Council of Ministers in order to
obtain the necessary permission. This application includes
the personal details of the applicant, the financial standing,
and all the details for the property.
After the Council of Ministers approves the application another
application to the Central Bank has to be made in order to
confirm that the purchase was made in foreign currency.
The Ministry, under the Immovable Property Acquisition (Aliens)
Law Cap. 109. require for the application the following:
- Agreement (contract)
- Approval by the Council of Ministers.
- A document showing clearly that the payment of the property
was made by foreign currency and finally the title deed
of the property.
- Apply to the District Land Office for the transfer of
the property to your name.
- Copy of the approval of the Council of Ministers.
- The certificate issued by the Central Bank.
- Receipts that all taxes of the property has been paid.
- Registration certificate of the property.
- Transfer Fees
After the transfer of the property, the District Land Registry
Office will charge transfer fees, based on the property's
value:
- For up to CYP 50.000 3%
- For CYP50.001 - CYP100.000 5%
- For CYP100.001 - and over 8%
A stamp duty - at the rate of CYP1.50 per CYP1,000 up to
CYP100,000 and thereafter at the rate of CYP2 per thousand
- is due at the time of signing the Contract.
The annual property ownership tax imposed by the government
is approximately CYP60-120 per year. The Municipal authorities
annual property tax for services rendered are at a rate of
about CYP20-30 per year.
Property sales are subject to a capital gains tax at the
rate of 20% on the gain. However the first CYP10,000 is exempted
and there is an indexation allowance.
Inheritance Tax is not payable on property purchased by non-Cypriots
when the beneficiary is not in Cyprus.
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