Support of the sale

Stagewise support of purchase and sale transactions and representing interests of the client at meetings with the vendor. Once you make a decision, our employees will prepare and issue all the necessary documents, will assist in opening a bank account and, if necessary, obtaining a mortgage loan.

Signing purchase and sale contract.
It should be noted that the Cypriot legal system is based on the English model, which ensures comprehensive protection of the rights of the buyer. In order to ensure the interests of the buyer, after signing the purchase and sale agreement and payment of the first installment, the Cyprus Land Registry provides a simple and effective legal instrument referred to as “ensuring strict compliance”. This measure is designed specifically for the buyer, prior to issuing the certificate of title of ownership. Registered contract can not be terminated by anyone except the buyer, that is, the property can not be sold, rented out, re-register or repawned without the owner’s consent.

Immovable property tax.
According to the law on Immovable Property Tax, all owners, regardless of whether they are residents of Cyprus or not, are required to pay an annual tax based on the total value of all immovable property registered in their name. The Property Tax in Cyprus is calculated based on the market value of the property as of January 1, 1980, and is payable each year to the Department of Inland Revenue. Individual owners are exempt from this tax, if in 1980 the value of their property was less than €170,860. As a result, it is particularly unlikely you will pay it (unless you bought property worth several million by today’s standards). The tax is payable on September 30 each year. Natural and legal persons shall be liable to this tax. Calculating your tax liabilities with regard to the immovable property. Each registered owner of the immovable property which costs more than €170,860 must submit a declaration of immovable property (IR-301 and IR-302) and pay the appropriate tax revenue each year by September 30. The tax rates are as follows:

TABLE OF IMMOVABLE PROPERTY TAXES

COST OF PROPERTY ANNUAL TAX

Up to € 170,860 0%

€ 170,861 to € 427,150 0.25%

€ 427,151 to € 854,300 0.35%

More than € 854,300 0.40%

It should be noted that the zero IPT rate on the property with value up to €170,861 only applies to individuals. If you have set up a company (legal entity) for the purpose of owning the range of properties, the zero rate does not apply.