What do I need to pay if I am buying property in Cyprus?

The following is an indicative list of the things you may have to pay when you are buying property in Cyprus:

(a)Legal Fees & VAT(at the applicable rate at the time) plus some disbursements for example for the certification and stamping of power of attorneys, land registry search fees, bank charges etc.

(b)Transfer Fees to the Land Registry–for the registration of the title deed in your names. This is covered in a separate section below.

(c)Stamp Duty at the Inland Revenue-This is paid on all Contracts at Inland Revenue. Stamp Duties are payable on each contract depending on the purchase price.

(d)Surveys –The cost of any surveys should you decide to proceed with them.

(e)Utilities -The utilities must be connected in your name shortly after the Completion of the purchase and there will usually be some deposits to pay to the electricity authority and to the local water board.

(f)Property Insurance -You may wish to arrange for insurance cover for the property and contents after the purchase completes.

Feel free to contact me if you have any queries regarding purchasing a property in Cyprus!

solonas@philippoulaw.com

www.philippoulaw.com