Transfer of Title of Immovable Property in Cyprus
Immovable property includes any land, buildings, structures, or fixtures affixed to any land or any building, or even trees, privileges, liberties, easements, and any other rights and advantages whatsoever appertaining to any land. This article will cover various issues you should know about transferring the title of immovable property in Cyprus.
What will you find in this article
What do we mean by transfer of title of immovable property?
As per the Cyprus Department Land and Surveys, transferring immovable property means voluntarily passing the title of such immovable property from the transferor to the transferee.
What documents are required for the transfer of immovable property in Cyprus?
Completion of Form N.270 – Declaration of Transfer of Immovable Property.
The certificate of registration (title) of the immovable property, which is to be transferred, must be attached thereto, in original. The transfer of the property shall take place at a Lands Office other than the Lands Office of the District where the property is located. Form N.270 must be completed in duplicate.
Completion of Form N.313 – Transfers/Changes of Immovable Property
The Seller must produce payment receipts of all fees, charges, and taxes payable for the property under transfer. Such fees, charges, and taxes may be any of the following:
- Immovable Property Tax and Capital Gains Tax. Receipts of payment may be obtained from the Internal Revenue Department.
- Sewerage Board Tax. Receipt may be obtained from the Sewerage Board.
- Town rate. Receipt may be obtained from the municipality in whose boundaries the property is located.
- Communal rate. Receipt may be obtained from the community in whose boundaries the property is situated.
Signatures by the associated parties
All documents mentioned above must be completed and signed by the associated parties and deposited with the Lands Office accepting the transfer.
What is the procedure entailed in effecting the transfer of title?
- Disabled persons must be represented by their lawful agent or any agent appointed by the Court or any other person.
- Corporate bodies are represented by those persons who manage their affairs in accordance with the statutes, the law or any regulation.
The procedure for acceptance is completed upon the calculation and the payment of the fees by the transferor to the Lands and Surveys Department.
Who pays, and how much is the transfer tax in Cyprus?
The fees payable vary depending on the kind of transfer and are determined based on the assessed value recorded in the Land Register or the property’s market value under transfer. The transfer fees are usually paid by the Buyer and calculated as follows:
Up to €85,000 of the property value – 3%
From €85,001 to €170,000 of the property value – 5%
From €170,001 of the property value – 8%
How much is immovable property tax in Cyprus?
How long does it take to transfer immovable property in Cyprus?
Straightforward transfers may be completed within one hour. In this case the registration of the immovable property and the delivery of the titles to the parties may be made on the same day, provided all parties involved appear at the Office on time. If not, the title is issued on the next following days depending on the accumulated work volume and the available personnel of the Land Registry Office.
Do I need a lawyer in any of the process of buying immovable property in Cyprus?
The input of a lawyer is not required when buying or selling land; nevertheless, retaining the services of a knowledgeable lawyer will provide you with the necessary experience and knowledge required to avoid the various pitfalls a non-experienced individual may fall into.
Disclaimer: The above is intended to provide a brief guide only. It is therefore essential that appropriate professional advice is obtained. N.V. Panayiotou Legal LLC is happy to assist you in this respect.