Legal Services for Real Estate

Preparation of Power of Attorney(s): for owners not residing in Cyprus.

• Land Registry Search: we will ensure there are no encumbrances, mortgages, or prohibitions on the property and verify the validity of urban planning and building permits;
• Contract of Sale: we assist with drafting, negotiating, and reviewing this essential document;
• Debt, Utility, and Tax Payments: we will facilitate the payment of any outstanding amounts related to the property prior to sale;
• Conveyancing Completion: We handle the administrative processes at the Land Registry;
• Transfer of Utility Bills: We will ensure a smooth transition of utility bills to the purchaser’s name.

we take care of obligations such as:

• Capital Gains Tax: we ensure correct calculation and payment;
• Outstanding Mortgages: we assist in settling these to clear the property;
• Utility Balances: we coordinate payments to utility authorities, local authority taxes (e.g., refuse and sewage), and management committees;
• Legal Fees: we handle the related legal costs.

Non-EU citizens are also entitled to own properties in Cyprus provided they have obtained an approval from the Council of Ministers and signed a Sale Agreement.

Purchase Price: we facilitate the payment process;

• Transfer Fees: we assist with payment unless the property is new, where VAT is paid instead;
• Stamp Duty & Sale Agreement Deposit Fees:we ensure prompt and correct payment;
• Legal Fees and Disbursements: we manage the associated legal costs;
• Utilities Connection: we assist with this process.

Cyprus property transfer fees are payable by the purchaser and are due when the title deeds are issued and transferred to his name.  It is important to note however, that there is currently a 50% discount on the below rates and transfer fees are not chargeable at all if VAT has been paid. Typically, VAT is payable on new properties.

If there is more than one buyer, the purchase price is divided by the number of buyers and the transfer fees apply for each calculated for each buyer. Each of the buyers then has a 50% discount on the transfer fees attributed to it.

A stamp duty of 0,15% (€1,50 per €1,000) is levied on contracts with a value of up to €170,860. For any amounts thereafter, the rate is 0,2% (€2 per €1,000). The stamp duty is payable by the purchaser within 30 days of signing the contract.

A fixed €50 fee is payable to the District Land Registry Office when depositing the Sale Agreement with the Land Registry Office.

Sale Agreement Deposit Fees, a fixed €50, are payable to the District Land Registry Office when depositing the Sale Agreement. 

At IBCCS TAX, our ultimate goal is to make your real estate transaction in Cyprus as smooth and efficient as possible. We are dedicated to ensuring that every detail is meticulously handled on your behalf.