Property in Cyprus 
недвижимость на кипре

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At Cyprus Resales we aim to give you all the necessary information for you to make the correct decision with regards to the financing of your property in Cyprus. On this page you will find clear information and easy to use calculators that are only to be found on Cyprus Resales.

Mortgages in Cyprus

Loans on property purchases are readily available in Cyprus. Cyprus Resales have excellent relationships with all the major Cypriot banks. Loans up to 70% of the purchase price for non-residents and 80% for permanent residents are usually relatively easy to obtain (subject to status) for most of our properties. This is the official line at the moment, but everyone knows the Cypriot Banks have a heavy exposure to Greek debt, so be ready to pay more as a contribution or borrow from abroad.

One of the main factors that comes into the bank’s decision whether to lend or not is the presence of a separate Title Deed for the property in question. Properties without separate title deeds can be extremely difficult to leverage now with Cypriot Banks (although not impossible!). For this reason as well as others almost all of the properties listed with us come with separate title deeds. When approaching the loan officer at any of the banks in Cyprus the first thing they will ask is: "Does the property have a separate title deed?"

Another hurdle to overcome is the price of the property you intend to purchase. The days when the banks in Cyprus would take it “as read” about price are finished. Now the banks ask for an independent appraisal of all properties before obtaining a loan. Since the financial crisis these valuers have become increasingly fearful of “getting it wrong” in the eyes of their employer - the bank, and sometimes present a deliberately low valuation. At Cyprus Resales we have an extremely strict listing criteria, meaning that properties must first pass our strict valuation criteria before they can become part of our portfolio.

Interest rates and specific deals with specific banks vary almost weekly. Please enquire with us to find out the latest interest rates with Cypriot Banks.

The list of documents required by all the major banks in Cyprus can be found here

Fixed Rate Mortgage Calculator

Below is our unique mortgage calculator that will show your repayments with interest presented separate. Just put the amount of down payment you wish to make and chose the length of your mortgage period. The interest rate will vary from bank to bank. For the latest rates please contact us.

Property Transfer Fee

Property transfer fee is a fee paid to the government of Cyprus when a property is sold. To pay transfer fee the property must have a separate title deed. If transferring to a relative, i.e. husband to wife, no transfer fee is paid. Although transfer fees are usually paid on the contact price, the Land Regristy department has the right to revalue the property upward to what it considers to be a “realistic market value” or “value that can be realized immediately on the open market”. This is done in cases where they suspect tax avoidance. Although you can appeal the decision of the Land Registry you must first pay and only then appeal. It is fair to say that the Land Registry sometimes do not keep up with market trend and the difference between various developments or individual units is sometimes lost to them.

Here is our unique tax calculator for Transfer Fee and Stamp Duty. If you feel like doing the calculation yourself here is the number you will need.

Calculate Tax
Contract Price: EUR € Buying in: Joint Names

Currency Transfers

Usually the funds to purchase a property in Cyprus are brought from abroad and then converted to Euro in Cyprus. We can put you in touch with a reliable currency broker who will help you in obtaining the best rate with the lowest charges. Below are the most accurate rates of exchange for all major currencies.

USD USD  0.9225
GBP GBP  1.1731

Immovable Property Tax (abolished in tax year 2017)

With recent changes in 2013 every property is now liable for a modest yearly tax. The important figure which is used for calculation of the individual tax is recorded on your little deed as the value of the property on January 1st, 1980. If you do not yet have a separate title deed immovable property tax is paid by your developer who will invoice you when the separate title deed is transferred to your name. Below we offer yet another novel solution to find out the amount of your tax. Simply insert in our online calculator your 1980’s value as well as the amount of registered owners and away you go. We would like to emphasize the importance of value date being 01/01/1980 and not the present day. Because the calculation is based on the 1980 prices the valuation figures will range for villas between 30,000 – 50,000 Euro and apartments between 10,000 – 20,000 Euro. If your property is purchased in joint names - half the taxable base per person; if in three names - the base will be 1/3 of the amount per person and so on. For those who wish to do it manually themselves we also include the rates. Properties valued under 12,500 Euro are exempt from Cypriot Immovable property tax, thus a property purchased in joint names must exceed 25,000 Euro to be subject to IPT. If someone is lucky enough to own more than one property in Cyprus the accumulated value of property owned by that particular individual is used for the purpose of calculating the tax.

Property price in 1980: EUR€ Buying in: Joint Names


€12,500 and underExempt
€1 to €40,0000.60%
€40,001 to €120,0000.80%
€120,001 to €170,000 0.90%
€170,001 to €300,0001.10%
€300,001 to €500,000 1.30%
€500,001 to €800,000 1.50%
€800,001 to €3,000,000 1.70%
Over €3,000,000 1.90%

Example 1
Property registered in a single name with a 1980 value of 15,000 Euro
0.6% of 15000 = Total Yearly IPT = 90 Euro

Example 2
Property registered in a single with 1980 value of 50,000 Euro
0.6% on the first 40,000 Euro = 240 Euro
0.8% on the remaining 10,000 Euro = 80 Euro
Total Yearly IPT 320 Euro

Example 3
Property registered in joint names (2 owners) with a 1980 value of 24,000
Each owner is liable for 50 % of the total value i.e. 12,000 Euro each which is under the 12,500 Euro threshold, so NO IPT is paid by either owner.

Example 4
Individual who owns in joint names a property valued at 21,000 Euro and another property in one name valued at 10,000 Euro.
The total taxable amount for this individual is 50% of the first property and 100% of the second – 10,500 Euro + 10,000 Euro = 20,500 Euro
0.6% of 20,500 Euro = 123 Euro
Note: the co-owner of the first property is not liable for IPT as his/her half is valued at less than 12,500 Euro threshold.

Capital Gains Tax

Capital Gains Tax is temporarily abolished for properties purchased between 9/7/2015 to 31/12/2016.

See more information here.

Capital Gains Tax is paid at a rate of 20% on the profit, adjusted for inflation. Remember, this is only on the profit and not the entire sale’s price. You should deduct any home improvements you have made (supported by the receipts) as well as any interest payments on the purchase of the property.

There is also an allowance of 17,086 Euro per person. If you have lived in the house as your main residence over the last 5 years you can claim a maximum of 85,430 Euro in allowances. This is a once in a lifetime allowance and is available until the full amount has been used. After you have used your allowance there are no further discounts on Capital Gains Tax.

To calculate the price you paid for your property in today’s money (adjusted for inflation) use the simple formula: Sum of money paid (Euro) x (Later date index / Earlier date index)

Any expenses on home improvements should be adjusted with the same formula.

Capital Gains Tax Example

Let’s calculate the price today (September 2012) of an apartment purchased in June 2008 for 125,000 Euro.

Consumer Price Index adjustment 178.53 /164.59 = 1.084

Now multiply the contract price by the inflation figure 125,000 x1.084 = 135,500 Euro

The latest consumer price index (CPI) for Cyprus can be downloaded here

Local Taxes

Annual taxes from local government covering services, such as refuse collection and street cleaning, are very reasonable in Cyprus. Normally they vary from municipality to municipality in the 150 – 200 Euro range.

If you have any question on any of the above, please feel free to contact us for a prompt answer.

Excise DUTY on Motor Vehicles

Due to the high prices on local cars many British expats look to import their car from the UK. If you plan to retire here you are entitled to a Duty Fee car. If you plan to sell the car in Cyprus it will have to be to another retired person who can use the cars duty free status or you will have to pay duty on the vehicle. For those who would like to pay the import duty here is the calculator. Used it to work out the amount of duty on second hand cars.


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