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EXCLUSIVE HOMES . VILLAS . APARTMENTS . NEW DEVELOPMENTS
REAL ESTATE PORTFOLIO
SELECT A PROPERTY BELOW TO VIEW
the developers featured in our portfolio are award-winning developers and market makers who excel in World Class Exclusive Developments.
They own some of the best prime development land in the region. Incorporated into their business models are the willingness to entertain serious investor interest.
We therefore invite serious investors to enter into a dialogue with us to explore the possibility of partnering in pending or future ventures, and as such, optimize the returns on investment capital.
For more information please contact us!
Acquiring Property in Cyprus and the relevant Fees
Acquiring a new property in Cyprus is subject to VAT at a rate of 19%, while the acquisition of a resale property or a new property for which a planning permit was obtained before May 1st, 2004, is exempt from VAT and subject to a Transfer Fee. however, a reduced VAT rate of 5% can be granted to individuals who meet certain criteria, including using the property as their main place of residence and not having any other property purchased at the reduced VAT rate. The reduced rate applies to the first €350,000 of the property value and first 130 sq.m. of real estate area, while its total value should not exceed €475,000 and its area should not exceed 190 sq.m.
If the applicant ceases to use the property as their main residence within 10 years, they are obliged to pay the difference between the reduced and standard VAT rates. The customer can purchase property at once, paying VAT at a 5% rate, and does not have to first pay at a rate of 19% and then seek a refund.
Property Transfer Fees
On the first €85,000 the rate is 3%
Then from €85,001- €170,000 the rate is 5%
And any amount over €170,001 the rate is 8%
Please Note:
The Cyprus Parliament announced the abolishment or reduction of the property transfer fees on the following cases:
1. Total exemption from transfer fees, if the transfer relates to a transaction that is subject to VAT (e.g new build) (e.g. either standard or reduced rate of VAT).
2. In the case when a transaction is not subject to VAT (e.g resale property), the legislation provides an exemption of 50% on the amount of the transfer fees.
3. In the case when a property is registered as a sole property in a Company & the transaction involves the purchase of that company / property, then the buyer receives a total exemption from any transfer fees.
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