Other Matters to be taken into consideration when buying a property in Cyprus
February 19, 2009
A. Stamps of the Contract
In terms of formalities, before a buyer can lodge his/her
contract at the L.R.O. the purchase contract needs to be
stamped. This is a government levy and the rate of the
stamp duty is as follows:
• 0.15% of the value of the property up to €170,860.00 euro
• 0.20% of the value of the property over €170,860.00 euro.
Example:
The contract price is €190,000.00 euro.
• The first €170,860.00 euro @ 0.15% = €257
• The remaining €19,140.00 euro @ 0.20 = €38
€295
It is imperative that the purchase contract is stamped at the
revenue office within 30 days of the contract having been
signed. In the event that the purchase contract is not
stamped within 30 days period, the Stamp Duty plus a fine
will be payable when the contract of sale is produced to
the LRO for the transfer of the Title Deeds.
FOTOS PITTADJIS