Once the relevant Government body has issued the title deeds for a new property the purchaser has to pay the transfer fees at the following rates:

Once this is done, the immovable property purchased is transferred to the purchaser's name:

Joint names purchase (husband and wife, brother and sister, etc).

(2) Capital gains tax

On disposal of the property, there will be capital gains tax at the rate of 20 per cent on the profit. The first EUR 170,860 profit will be exempt and there is also an indexation allowance.

The seller is entitled to a further allowance in regard to costs of the transfer fees paid and general work carried out on the property.

Gains from the disposal of a property are exempt up to EUR 854,300 in total if the owner resides in it continuously for at least five years prior to disposal.

(3) Estate duty

There is no estate duty in Cyprus.

(4) Stamp duty

In order to avoid a fine, the purchase contract should be stamped within 30 days of its signing at the rate of 1.5% per thousand up to EUR 170,860 and thereafter at the rate of 2.0% per thousand.

(5) Local Authority Rates

These rates are approximately EUR 85 to 250 per year depending on the size of the property. This tax is for refuse collection, street lighting, sewerage, etc.

Electricity, water and telephone are all metered.