Financial - Cyview Developers

Financial

FINANCING YOUR PROPERTY
Most commercial banks in Cyprus are authorized to offer mortgage facilities to local as well as foreign applicants to assist the financing of their property. Financing can be also obtained from banking institutions abroad.

PROPERTY TAXES AND FEES
Transfer fees
Upon transfer of the property and registration in the purchaser’s name, the district Land Registry Office will charge transfer fees, which are based on the market value of the property at the time of the purchase. The corresponding fees are shown below.

TABLE 1
If the property is in joint names e.g. of a couple or two individuals, then the purchase value is divided into two parts, resulting in reduced transfer fees.

Properties purchased between the 2nd of December 2011 and 31st December 2016, which are subject to VAT will be exempt from the above transfer fees.
A 50% exemption from the above transfer fees can be given to properties not subject to VAT.

Stamp duty
After signing the Contract of Sale, the purchaser may stamp it within 1 month of its signing by paying the stamp duty according to the value of the property. The fees are shown below.

table2

Local Authority Taxes & Rates

Local authority rates and taxes vary according to each Municipality and the size of the property. This tax includes refuse collection, street lighting, sewerage, etc.
The basic utilities of electricity, water and telephone are payable individually in accordance with the consumption and based on meter readings.

V.A.T
Newly-constructed properties are subject to a standard rate of 19%.
VAT has been reduced to 5% for buyers of first residences up to 200 square meters.