In Cyprus when you purchase your property, when your Cyprus Title deed is ready to be transferred into your name there is a strong possibility that you will need to pay title deed transfer fees.
The fees for Cyprus Title deed transfers are proportional to the cost of the property and also determined by the number of people who own the property.
Furthermore, if you paid VAT on your property you may benefit from the discount at the land registry, which is the amount of approximately 50%.
The brackets for title deed transfer fees are as follows:
€0 – €85,000 x 3%
€85,001 – €170,000 x 5%
€170,001 and above x 8%
Furthermore, each owner of the property has an allowance.
I.e.
1 owner of a property for the value of €100,000
€85,000 x 3%
€15,000 x 5%
If VAT was paid, the above fees should be divided in half.
2 owners of a property for the value of €100,000
€50,000 x 3% (owner 1)
€50,000 x 3% (owner 2)
If VAT was paid, the above fees should be divided in half.
3 owners of a property for the value of €100,000
€33,333.33 x 3% (owner 1)
€33,333.33 x 3% (owner 2)
€33,333.33 x 3% (owner 3)
If VAT was paid, the above fees should be divided in half.
G Kouzalis LLC can assist you with transferring your Cyprus title deeds if you are personally unable to attend the land registry office yourself.