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Real Estate Transfer Tax Fees are necessary in order to transfer the freehold ownership to the name of the purchaser. The transfer fees should be paid when the transfer of the title deed in the name of the purchaser will take place. Responsible for the tax payment is the buyer. The rates are on a graduated scale and are shown below. In the case that the property is in joint names e.g. of a couple (husband and wife) or two individuals, then the purchase value is divided into two parts which results in reduced transfer fees.
| Value of property (CYP) | Transfer fee rate (%) | | up to 50,000 | 3 | | from 50,001 to 100,000 | 5 | | from 100.001 and above | 8 |
Example - The Property Value is 175,000 CYP.
If the property is in one name
Up to 50,000 CYP @ 3% = 1,500 CYP
From 50,001 to 100,000 @ 5% = 2,500 CYP
The remaining 75.000 CYP @ 5% = 8,000 CYP
Total fees payable = 12,000 CYP
If the property is in the names of two persons (lets say husband and wife) then the amount is divided in two, one for each. In this example we have an amount of 87,500 CYP per person.
Up to 50,000 CYP @ 3% = 1,500 CYP (Share of husband)
Up to 50,000 CYP @ 3% = 1,500 CYP (Share of wife)
The remaining 37,500 CYP @ 5% = 1,875 CYP (Share of husband)
The remaining 37,500 CYP @ 5% = 1,875 CYP (Share of wife)
Total fees payable = 6,750 CYP
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