VAT, Value Added Tax (VAT) 5%
All properties where an application for a building permit has been submitted to the Building Committee are subject to 5 % VAT (Value Added Tax).
✹ If you purchasing a resale property from a private person, no VAT need to be paid, provided that the previous owner have paid this.
Stamp Tax (Stamp Duty) 0.5%
For each purchase of immovable property, a stamp duty shall be paid by the buyer to the Tax Office. This must be paid no later than 21 days after the signing of the contract. The stamp duty is based on the sales contract’s purchase price.
Transfer fee 3%
Transfer of immovable property to a buyer can take place when permission is obtained from the Council of Ministers that the buyer may own property. The transfer fee is necessary for full ownership of the property to be registered with the buyer. This can happen when Title Deed is issued and the purchase is completed.
When this registration takes place at the Land Land Registry Office and the title is handed over, the buyer must pay a transfer fee for the acquired property. The transfer fee is a one time fee and must be paid to the Land Registration Authority.