Registering Property in Cyprus

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Standardized property

Registration Requirements Summary:

Registration Requirement Details

Procedure 1.

Pay transfer Taxes

Time to complete:

5 days

Cost to complete:

Payment of Stamp duty is as follows:
0 - 171 000 EURO= 0.001%
above 171 000 EURO = 0.002%
with a maximum of 17 100 EURO

Payment of Immovable Property Tax is as follows:
First EURO 170, 860. 14= 0%
Next EURO 256, 290 (

Name of Agency:

Inland Revenue Department

Comment:

The sale contract is filled for assessment of any Capital gains tax (CGT) to be paid by the Selling Company at the Income Tax Authorities (Inland Revenue Department). The amount of gains will be assessed and the amount to be paid as CGT to be paid will be determined. The market value of the property is determined by the Director of the Department of Lands & Surveys

CGT is imposed at 20% on gains from the disposal of immovable property and is paid. The taxable gain is calculated dy deducting from the sale price the following:
(a) Acquisition cost, or market value at January 1st, 1980 if the asset was acquired before that date
(b) Expenses incurred to improve the property
(c) Sale expenses, interest on loans and immovable property tax

Other payment and corresponding certificates to be obtained are
(1) Immovable Property Tax,
(2) Immovable Property Town Tax
(3) Estate Duty Tax
(4) Payment of Stamp duty
Stamp duty is paid based on the purchase price

Procedure 2.

Obtain Sewerage Board Tax clearance

Time to complete:

1 day

Cost to complete:

No Cost

Name of Agency:

Sewerage Board

Comment:

The purchaser should apply and obtain a Sewerage Board Tax clearance from the Sewerage Board office.

Procedure 3.

Register Sale Contract at the Land District Office

Time to complete:

28 days

Cost to complete:

EURO 2.05 to deposit the Sale contract at the Land District Office (Within 2 months from the date of the contract)
Payment of Transfer fees as follows:
0 - 85, 500 EURO = 3%
85, 500 - 171 100 = 5%
above 171 100 = 8%

Name of Agency:

Department of Lands and Surveys

Comment:

The sale contract must be registered at the Land District office within 2 months after the signature of the contract. The change of ownership takes place when the sale contract is registered at the Land District office. The original and the copy of the contract of sale must be duly stamped.
http://www.moi.gov.cy/moi/citizenscharter/CitizensCharter.nsf/All/EC412A60FFCEF883C2256E55001FB2CB?OpenDocument

The buying Corporation is responsible to pay for the Transfer fees based on the value of the property as determined by the Director of the Department of Lands & Surveys
The transfer tax is as follows
0 - 85, 500 EURO = 3%
85, 500 - 171 100 = 5%
above 171 100 = 8%

Documents to be provided to the Land District Office are as follows:
(1) Completed Form N270 (Declaration of Transfer of Immovable Property).
(2) The certificate of registration (title) of the immovable property, which is to be transferred
(3) Completed Form N.313.
(4) Proof of payment of all fees, charges and taxes payable for the property under transfer.
i. Immovable Property Tax
ii. Immovable Property Town Tax,
iii. Capital gains tax,
iv. Estate Duty Tax (receipts of payment for all the above taxes and duties are obtained from the Internal Revenue Department).
v. Sewerage Board Tax (receipt obtained from the Sewerage Board)
vi. own rate (receipt obtained from the municipality in whose boundaries the property is situated)
vii. Communal rate (receipt obtained from the community in whose boundaries the property is situated)

(2) Notarized Power of Attorney of the Company representatives
(3) Notarized Minutes of the board of Directors
(4)Memorandum & Articles of Association of the Board
(5) Certificate from the Registrar of Companies as to the Directors' Secretary Shareholders (for Private Companies) and the registered address
The buying Corporation will check as well that there is a legal permit for the warehouse