Stamp Duty in Cyprus

Contents

1 Where to Pay the Stamp Duty in Cyprus
2 Consequences of Not Paying Stamp Duty
3 Cost of the Stamp Duty
4 Example Calculation

Where to Pay the Stamp Duty in Cyprus

This fee must be paid once at the Cyprus Tax Department within 30 days after signing the sale and purchase agreement.

Consequences of Not Paying Stamp Duty

It is important to note that the stamp duty must be paid within 30 calendar days from the date of the document’s issuance. If this deadline is missed but not by more than 6 months, a penalty equal to 100% of the duty amount will be imposed. If the duty is paid more than 6 months after the document’s date, the penalty will be double the amount of the duty. Penalties must be paid through the tax office; self-payment of penalties is not allowed.

Cost of the Stamp Duty

The amount of Stamp Duty depends directly on the property’s value. For a property valued at less than €170,000, the duty is 0.15% of the price. For real estate priced above €170,000, the fee is 0.15% for the first €170,000 and 0.20% for the remaining amount. The first €5,000 of the value is exempt from tax.

Example Calculation

For a property valued at €130,000, the calculation would be: (€5,000 x 0%) + (€125,000 x 0.15%) = €187.50.

For a property priced at €400,000, the calculation would be: (€5,000 x 0%) + (€165,000 x 0.15%) + (€230,000 x 0.20%) = €707.50.

Stamp duty in Cyprus is a crucial aspect of the property purchasing process. Timely payment is necessary to officially finalize the transaction and secure the ownership of the property. Understanding the rates and tax regulations can help you avoid penalties and other issues related to late payment of the tax.

We have created a calculator for stamp duty, allowing you to calculate the fee independently.