Property Buying Process
Transfer of Ownership at the Land Registry Office
The transaction is completed with the transfer of ownership. This is a simple registration process as soon as permission from the council of ministers has been granted and once the title deed has been issued by the land registry office. Once this stage is reached, transfer fees must be paid by the buyer, the amount payable is based on the property's value on the day of purchase:

3% on the first CY£50,000
5% CY£50,000-CY£100,000
8% over CY£100,000

Example
Purchase Price – CY£80,000
The first CY£50,000 x 3% = CY£1500
The next CY£30,000 x 5% = CY£1500
Total Fees = CY£3000

If the property is purchased in joint names, the full price is divided in half and each of the buyers pay transfer fees on their half of the purchase price, gaining the advantage of fee reduction:

Example
Purchase Price (joint names) CY£80,000
(each buyer pays fees on CY£40,000)
The first person pays:
CY£40,000 x 3% = CY£1200
The second person pays:
CY£40,000 x 3% = CY£1200
Total Fees = CY£2400

The above stages of Property Purchase in Cyprus can be done by a Power of Attorney the purchaser will sign for his lawyer, meaning that the buyer does not have to be in Cyprus to be able to purchase property in Cyprus.

 
  Contract of Sale  
  Stamp Duty  
  Lodging a copy of the
Contract of Sale with
the Land Registry Office 		 
  Payment to the Vendor  
  Permission from the
Council of Ministers		  
  Lawyers Fees  
       
         
 
 
 
 
 
 
 
 
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