Real Estate in Cyprus. What are the taxes on the sale
Capital Gains Tax (CGT):
This tax is levied on the profit made on the sale of a property and is 20%. You can use our online transfer tax calculator to calculate the exact amount of tax.
Capital Gains Tax Calculator
Sales tax to support the construction of housing for Cypriot refugees:
As of November 2022, the Cyprus government has imposed a 0.4% tax on the sale of Cypriot real estate. This tax is paid by the seller and is used to support the construction of housing for Cypriot refugees in distress following the Turkish invasion.
The cost of providing the buyer with the necessary documents
In the process of selling a property, the seller may need to provide the buyer with a number of documents. These include:
1. Land Registry search (for mortgage or other payments): €10 to €50.
2. Copies of architectural and site plans and previous contracts: from €5 to €40.
3. General Power of Attorney: €50.
4. Energy certificate: €300 to €500.Payment of debts, utilities and taxes:
When selling the property, all outstanding debts, utilities and taxes must be paid, including mortgage arrears, utility bills and payments for water, electricity and other services.
Professional Services and Fees:
Fees are usually paid to a real estate agent and lawyer to help negotiate all legal aspects of the transaction to facilitate the sale process.
Please note that these fees and taxes may vary depending on the specific conditions and location of the property. It is always advisable to consult with real estate and tax law professionals to get accurate information and advice appropriate to your situation. Our professionals are always available to assist you. Call us at: +35796930069 or email us at cassadavo@cassadavo.com