     |
|
(a) PAYABLE BY THE PURCHASER |
|
|
Transfer
fees |
|
|
Value
of Property |
Rate
|
| Up to 50.000 | 3,0 |
| 50.001 - 100.000 | 5,0 |
| Over 100.000 |
8,0 |
| If the property is in joint names then the value is split with each party paying their portion as calculated above. Stamp
Duty |
|
| Value
of Property |
Duty |
| Up to 100.000 | 1,5 |
| Over 100.000 |
2,0 |
|
An unstamped document is still valid, but when presented to a court
or any Government department the stamp duty plus a fine will be
payable. To avoid this documents should be stamped within 30 days
of their being signed. Mortgage
Fees
|
|
| (b) PAYABLE BY THE SELLER |
|
| Capital
Gains Tax 20% on the difference between the Selling Price and Purchase Price and after appreciation and other allowances have been deducted from this difference. |
|
|
(c) PAYABLE BY THE REGISTERED OWNER |
|
|
Annual
Immovable Property Tax |
|
| Market
Value as at 01/01/80 CYP |
Rate CYP per 1000 |
|
Up to 100.000 |
Zero |
|
100.001 - 250.000 |
2,0 |
|
250.001 - 500.000 |
3,0 |
|
Over 500.000 |
3,5 |
| ESTATE
DUTY This was abolished in 2000. |
|
Purchasing Procedure
(a) Application to the Council of Ministers
To be submitted through the relevant District Officer and the Minister
of the Interior with details of:
· The applicant and his financial standing
· The property
· The Owner, the sales contract and the terms of payment
· The type of purchase
(b) Application to the Central Bank for confirmation
of importation of foreign exchange for the purchase.
To be submitted together with:
· Confirmation from the Commercial Bank that the foreign exchange
for the purchase was imported.
· Contract of sale.
· Copy of the Council of Ministers' approval.
· Title Deed of the Property.
(c) Application to transfer registration of ownership.
To be personally submitted to the District Lands Office together with:
· The Purchaser's identity card or passport number.
· The Title Deed.
· Copy of the Council of Ministers' approval.
· Confirmation from the Central Bank re importation of foreign
exchange.
· Proof of payment of all property and other sundry town taxes
to date.
The Purchaser and Seller may give specific
Powers of Attorney to a third party to attend and effect transfer
on their behalf.
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