Are there transfer fees if I buy a property?
Are you buying a property which has vat ?
- In case your answer is 'Yes: no transfer fees are charged.
However, in case that the Land Registry is not satisfied with the selling price given
but believes that the valuation of the property is higher, then there will be transfer fees
Are you buying a resale property ? house / apartment?
- No vat is applicable and the transfer fees are half of the total amount that should be charged.
Are you buying a resale property?
- There is a scale on which you have to calculate the transfer fees of yur property.
Are you planning to transfer your property to your child?
- 0 (zero) transfer fees
Scale of transfer fees
E0 - E85,000 = 3% on the purchase amount
The next amount from E85,001 - E170,000 = 5%
The next amount from E170,001 and up = 8%
You should add the totals and then divide into 50% (50 pct of the total sum)
Are there transfer fees if I buy land / plot ?
- Yes there are. Please have a look to the scale shown above.
Non EU Citizens willing to buy property in Cyprus
As regards a prospective buyer who is a national of a country that is outside the European Union (third country), they would have to be fully aware of and compliant with the Immovable Property Acquisition (Aliens) Law (ΚΕΦ.109), as it has been revised to this day and / or the applicable Laws and Regulations regulating the acquisition of immovable property by third-country nationals. The Law limits the types of property that a third-country national may acquire in the Republic of Cyprus and also requires the acquisition of a permit from the Cabinet. The Office will not be held liable in any way, shape or form, for any damages, misunderstandings and / or any form of loss that a prospective buyer may incur because of provisions of the Immovable Property Acquisition (Aliens) Law (ΚΕΦ.109) and / or the applicable Laws and Regulations that regulate the acquisition of property by third-country nationals. The prospective buyer will always be liable to pay the fees of the Office and / or fees for services of a real-estate agent, if such services have been provided, regardless of whether the prospective buyer has managed to acquire any and all permits and / or documents required for acquiring immovable property in Cyprus or for their legal stay and / or residence in Cyprus. It is the duty of the prospective buyer to be fully informed of the applicable Laws and Regulations on the day that they wish to engage with the Office to receive services of a real-estate agent and / or proceed with an offer for the acquisition of immovable property.
Should I pay VAT if I buy land ?
As regard to the New Legislation for VAT charge on land / plots, (all type of land, apart of agriculture land)
we insist that the owners should get in contact with the VAT Offices so that to receiving in written form an answer in case their property (land or plot) is vat chargeable.
The responsible entity to pay the vat charge is the owner, however it is a usual practice that the owners assign us to promote their property and request so that to receive the vat amount from the purchaser so that the owner will pay to the authorities.
For the owners who own land/plot 'as a share' , thus part of the land belongs to another owner, we insist that all the owners will get in contact with the VAT offices.
Such charge should be notified to the prospective buyer by our agency, before the process of purchase.
The vat charge on land where is applicable is 19 pct.
Those owners who shall construct there resident in the land for which they have paid 19% vat, they have to prove that such property is their residence so that the authorities shall return the 14% of the charged amount back to their account. To prove that they have to furnish the relevant authorities with the 1st bill of electricity which shows their name.
In case your property is handled by our agency, please notify us the soonest, in case there is a vat charge.
There might be cases with lands / plots for sale, which are advertised in our website for which we have not yet been notified whether there will be a vat charge or not. Therefore, please ask us, in case it is not mentioned a vat charge.
Καριέρα στα κτηματομεσιτικά
Ξεκινήσετε Καριέρα Στα Κτηματομεσιτικά Σήμερα!!
To κτηματομεσιτικό μας γραφείο, ζητά άτομο
για να εργαστεί ως βοηθός κτηματομεσίτης αποκλειστικά στο τμήμα προώθησης ακινήτων προς πώληση.
Ευέλικτο ωράριο, και ευχάριστο περιβάλλον.
Θα προτιμηθεί νεαρό άτομο που και θα τύχει της κατάλληλης εκπαίδευσης.
Το γραφείο μας βρίσκεται στο εμπορικό κέντρο της Λεμεσού. Βιογραφικό: meshiti@meshiti.com
Registered & Licensed Real Estate Agent Mrs. Rita Meshiti - Reg. No. 904 - License No. 450
Limassol - Cyprus
(καταχωρήθηκε Ιανουάριος /23)
Non - EU Citizens ('Aliens') - Acquisition of immo
Regarding the Acquisition by Non-EU Citizens (“Aliens”) of Immovable Property in the Republic of Cyprus
As per the Immovable Property Acquisition (Aliens) Law (Cap.109), non-EU citizens (“Aliens”) can purchase immovable property in Cyprus only after they have received permission from the Council of Ministers, which they will need to apply for in written form after they have signed the contract of purchase.
The Law limits the types of property that a third-country national may acquire in the Republic of Cyprus. Such immovable property can include:
An apartment or house,
A luxurious residence on a plot that does not exceed 4014 square meters,
A plot that does not exceed the total area of 4014 square meters, provided that a house is to be built soon.
It should be noted that for the acquisition of larger lands or other types of real estate (offices, commercial, industrial buildings, etc.), a permit may be granted under certain conditions.
Leases of a duration of more than 33 years are treated by the Law in the same way as a purchase of the above.
You are reminded that the above information is listed only for informative purposes. The above does not exhaust the relevant laws and regulations that apply regarding the acquisition of property by aliens in the Republic of Cyprus. It is your responsibility to acquire the necessary knowledge and information. You should always seek independent legal advice before proceeding with any of the above procedures.
The Office will not be held liable in any way, shape or form, for any damages, misunderstandings and / or any form of loss that a prospective buyer may incur because of provisions of the and / or the applicable Laws and Regulations that regulate the acquisition of property by third-country nationals. The prospective buyer will always be liable to pay the fees of the Office and / or fees for services of a real-estate agent, if such services have been provided, regardless of whether the prospective buyer has managed to acquire any and all permits and / or documents required for acquiring immovable property in Cyprus or for their legal stay and / or residence in Cyprus. It is the duty of the prospective buyer to be fully informed of the applicable Laws and Regulations on the day that they wish to engage with the Office to receive services of a real-estate agent and / or proceed with an offer for the acquisition of immovable property.
Regarding the acquisition of an Immigration Permit by Non-EU Citizens (“Aliens”) through investment in immovable property
For the acquisition of an Immigration Permit by Non-EU Citizens (“Aliens”) through investment in immovable property, the applicant must invest at least €300,000 as following:
(A) Investment in a house/apartment: Purchase of up to two houses or apartments from a development company or two different development companies, which should concern a first sale of at least €300,000 (plus VAT) or, if purchasing two house or apartments, a total of at least €300,000 (plus VAT).
(B) Investment in real estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000. The purchase of interest can be the result of a resale/sale of a used property.
It is clarified that investment in a house/apartment concerns a sale of a new unit (or two new units), whereas other types of real estate (excluding houses/apartments) can concern a resale or a number of resales that total a value of at least €300,000.
It should be noted that there are various ways to acquire an immigration permit and we have only listed the avenues regarding investment in immovable property, as per the guidance of the Civil Registry and Migration Department.
You are reminded that the above information is listed only for informative purposes. The above does not exhaust the relevant laws and regulations that apply regarding the acquisition of property of immigration permits by aliens in the Republic of Cyprus. It is your responsibility to acquire the necessary knowledge and information. You should always seek independent legal advice before proceeding with any of the above procedures.
The Office will not be held liable in any way, shape or form, for any damages, misunderstandings and / or any form of loss that a prospective buyer may incur because of provisions of the and / or the applicable Laws and Regulations that regulate the acquisition of property or immigration permits by third-country nationals.
Why to invest in Cyprus?
Thousands of people over the last 20 years have invested in Cyprus, as considered to be a popular destination for property purchase. The excellent climate with nearly 9 months of sunshine, the stunning blue flag beaches, but of course the Cyprus hospitality have been the most attractive reasons so far.
Moreover, the high yield of the recent 3 years, have encouraged more and more investors to buy a property in Cyprus, especially in Limassol.
Buy a property in Limassol and rent it out. Buy a property close to the sea and rent it to the tourists, or keep it for your holidays.Buy a property within the Central Limassol and rent it quickly, either to the local market, to students, to Companies for their employees.
Limassol is reachable within about 30 minutes max, from the Eastern to the Western, therefore no matter the location of the property is, to rent it out, it is just a matter of time. The demand of rentals is huge.
In addition, due to the short distances between the cities, living in Limassol gives you easy access to all the cities of Cyprus. For that reason, the demand of Limassol properties will always be high. Buy land and sell it after few years and get your profit. First step for you is to provide us with a clear picture of your enquiry and your budget.
We shall give you an idea of the prices according to the area and the type of property. We shall prepare a two-day tour for you to show you the right property according to the requirements.
We shall propose an independent lawyer to consult you as regard to the documents, your permit to buy, the contract of purchase and the percentage of down payment which is required according to the property you have chosen.
We shall be with you during all the process, until you will finally get your keys of your property and you will be happy with that.
Invest in Cyprus, invest with us for quality properties.
