Calculating Property Transfer Fees
Property Transfer Fees are based on a sliding scale as follows:
3% - on the first € 85,430
5% - on the next € 85,430
8% - on the remainder
So for a home costing € 200,000, the Transfer Fees would be € 9,165.60; for a home costing € 400,000, the Transfer Fees would be € 25,165.60.
Buying in joint names
If your Contract of Sale is in joint names (e.g. a husband and wife), the Property Transfer Fees are calculated as if you'd both bought a property of half the value.
So, for a home costing € 200,000 in joint names, the husband and wife would each pay € 3,291.40 making the total Property Transfer Fees payable € 6,582.80.
You can calculate your property transfer fees online by visiting the Cyprus Department of Lands and Surveys - Transfer Fees Calculator.
On what figure are the Fees calculated?
Property Transfer Fees are usually calculated on the market value of the property at its date of purchase. However, if your Contract of Sale was not deposited at the District Lands' Office, your Property Transfer Fees will be calculated on the assessed value of the property on the day the transfer takes place.
Do bear in mind that the market value may not be the same as the price you paid for the property (its declared sale price).
When you visit the Land Registry to pay the transfer fees, you will go to the "Valuations Desk" where the staff will assess the market value according to the area in which it is located and the type of property.
(You may consider that the Land Registry has incorrectly assessed the market value of your property. Once you have paid the transfer fees, you may apply to the Supreme Court to contest the decision).