The title deeds to any newly built property in Cyprus take between 3 and 5 years to be produced by the land registry.
This, however, does not mean that if you buy a property in Cyprus that the property doesn’t legally belong to you until the deeds are produced. On the contrary, once you have purchased your property and the first 25-30% instalment has been paid along with the signing of the purchase agreement, you are free to register the said property in your name in the land registry.
Once you have registered the property in your name, it legally belongs to you and no one -not even the developer building your property- can reverse this.
Once the title deeds have been produced you will be notified and you will be required to pay the transfer fees for your property to the land registry to obtain your deeds.
Transfer Fees
There is a one-off payment that must be paid by the purchaser to the land registry. This payment is not required until the deeds are produced and this usually takes between 3 & 5 years.
The amount you will be required to pay is based on a scale (see below) and depends on the purchase value of your property at the date of purchase.
Property value (at time of purchase)
Transfer Fee (%)
Up to 50,000
3%
50,001 – 100,000
5%
Over 100,000
8%
You can save money on the transfer fees if the property is registered under yourself and your partner’s names.
Stamp Duty
Stamp Duty in Cyprus costs a fraction of what it does in the UK.
Property price
Stamp Duty
Up to 100,000
1.50 per thousand
Over 100,000
1.50 per thousand up to 100,000
2.00 per thousand after the first 100,000
E.g. Cost of property is 140,000 Cyprus pounds
100 X 1.50 = 150,00.00
40 X 2.00 = 80,00.00
Total: 150 + 80 = 230,00.00
