Property Sales Polis Western Cyprus | Buyers Guide

Buyers Guide

General Information

Buying a property is straight forward in Cyprus: all properties are freehold. Taxation and inflation are low, importing used personal effects and house hold goods is duty free and the legal system is based on the English system.


Although the legal framework in Cyprus is very similar to other countries, the regulation of Lawyers is certainly not. Beware of any company promoting a lawyer and always seek personal recommendation wherever possible. Unlike most countries, there is no independently chartered legal regulator for lawyers in Cyprus.


Parker Barnes works with all the major banks in Cyprus and would be able to offer information on obtaining mortgages.  Deposits in Cyprus are typically 20-25%. Please take care when using financial or mortgage advisors as they may not be able to secure a suitable product but you will be liable for the fee.


Double taxation treaties are in force between Cyprus and the UK and many other countries. These give expatriates retiring in Cyprus the opportunity to get taxed on public, private or insurance pensions actually remitted annually to Cyprus on flat basis of 5%. With certain available exemptions most expatriates are often taxed at only 3% of their annual income actually transferred to Cyprus.

The Buying Process

Reservation Fee

Once you have found a property and the offer has been accepted you will need top pay a reservation fee to reserve the property, stop it being marketed and allow time for a contract to be agreed. The reservation fee should always be paid through your lawyer, with an agreement to support payment.


When a contract has been agreed and is ready to sign a deposit needs to be paid, this is subject to negotiation and can be up to 20% of the agreed purchase price

Transfer of Ownership

Transfer of ownership from seller to buyer is a simple procedure through the Cyprus Land Registry Office by either the buyer in person or by appointing a third party with Power of Attorney. Upon transfer of the property and registration into the purchasers name, the district land registry office will charge transfer fees, which are based on the market value of the property being purchased shown below:

Property Price



Accumulated Fees

First €85,000




€85,001 - €170,000




Over €170,000




Note : Where more that one person is buying the property each person gets the same allowance

Stamp Duty

Stamp duty is paid within 30 days of signing the contract. Your solicitor will deal with this. The buyer is liable to pay stamp duty at the rate of €1.50 per thousand up to the value of €100,000 and €2.00 per thousand for any amount above that. Thereafter, the contract is officially recognised as an authentic and valid contract upon presentation to the valid authorities.

Cyprus Residency
There are many ways of obtaining permenant residency in Cyprus. Unfortunately, many sources of information are out of date or wrong.
We work with dedicated profeesionals and lawyers who specialise in Cyprus Residency who can find the right solution for you. To find out more about the Cypriot Residency  or to receive a property proposal based on your preferences, please contact us.
Tel: 00 357 26 323 976 or email

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