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Secondary and primary real estate in Cyprus

Secondary and primary real estate in Cyprus

Secondary and primary real estate in Cyprus

When buying real estate in Cyprus, you may face many questions. For example, what real estate is best to buy in Cyprus? What tax will have to be paid when buying a second hand car in Cyprus? Or is it still better to buy real estate in a new building?

Indeed, taxation when buying new housing and real estate on the secondary market is significantly different.

The main difference is that when buying real estate by the first owner, VAT will be included in the price.

Instead of VAT, when reselling real estate, the buyer will have to pay a fee for the right of ownership (fee for the transfer of ownership). This fee is paid during the re-registration of ownership in the Land Cadastre Department.

You should also consider that, most likely, you will not be able to determine the amount of the title fee on your own. The main reason is that the market value of the property may differ significantly from the price agreed between the seller and the buyer.

In order for you not to have any problems with this, you can contact us.

Disclaimer: This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication. This article is for informational purposes only. For further advice, please contact us at the contacts listed on the site.

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