RJ Overseas Property

How To Buy In Cyprus


Although buying a home in Cyprus is slightly different to buying in the UK, the process is very straight forward and our experienced team are on hand to guide you through the process.

In simple terms, the basic steps to buying a home in Cyprus are:

  • Establish what your needs are including family members, your budget and are you looking at a home or financial investment
  • Take your time in viewing a range of properties as your present needs may well change
  • View the range of properties you have chosen to assist you in decision making
  • Meet the developer and discuss any questions you may have
  • Meet your Independent Solicitor to discuss and prepare the Contract and arrange Power of Attorney in order that the solicitor can keep matters moving whilst you are in the UK
  • Once you have selected a property arrange payment of the initial Reservation Fee – usually 10% of the agreed price. This fixes the price and takes the property off the market, pending preparation and signing of Contracts, the reservation fee is deductible from the completion price DON’T FORGERT TO BRING YOUR PASSPORT, UK UTILITY BILLS & BANK STATEMENT
  • Exchange of contracts will normally be within 4/6 weeks from reservation a 30% deposit is due for payment upon exchange of contracts,a date for completion will be agreed within the contract with the balance becoming payable upon completion less the initial reservation fee and deposit
  • In regards to off plan/new build properties, following exchange on contracts approx. 4 stage payments will be agreed within the contract to coincide with build stages with the final balance payable on delivery of your home
  • In regards to off plan properties, we will certify each stage payment before release to ensure works are completed in accordance with the agreed stages and provide your solicitor with certification for payment
  • The Contract is deposited at the Land Registry following exchange which secures your property and cannot be transferred or sold on without your permission
  • Prior to exchange of contracts on any property, your appointed solicitor must obtain from the seller/developer a bank waiver confirming the property being sold is free from any charges/mortgages
  • Never transfer funds directly to an Agent other than possibly the initial reservation fee and always obtain a written receipt
  • We can recommend an established Currency Company in order to maximise your exchange rates and currency transactions


Legal Matters

The legal system in Cyprus is largely based on the English system, and safeguards the buyer’s rights in many ways.  The Land Registry in Cyprus provides a simple and effective legal instrument which is called “Specific Performance”.  Once the Sale Agreement has been signed and a deposit paid, the contract is registered at the Land Registry. This protects the buyer’s ownership rights until the deeds are transferred into their name. This contract, once registered cannot be withdrawn by anyone and therefore the property cannot be sold, leased, transferred or mortgaged.  Only the purchaser is able to alter this.


RJ Overseas Property can suggest several solicitors who work directly for you and protect your interests throughout the entire process, Legal Fees are approx 1% of the purchase price.

In addition, and as a guideline, you can also expect to pay the following costs:

  • Solicitors’ fees are approximately 1% plus VAT of Contract price, with a minimum fee applicable.
  • Stamp duty has to be paid by the purchaser within 30 days of signing the Contract of Sale. This is normally paid by the solicitor on behalf of the purchaser and added to their fees.

The rate payable in Cyprus is:

1 5,000 Zero duty
5,001 170,000 1.5 euro per 1000 euro value (i.e. 1.5 per thousand)
170,001 Any above 2.0 euro per 1000 euro value (i.e. 2.0 per thousand)


For example a property sold for 250,000 Euro’s will carry stamp duty as follows:

The first 5,000 Carry a zero rate 0
Next 165,000 Carry 1.5 per thousand 247.50
The rest of 80,000 Carry 2.0 per thousand 160.00
250,000 Total charge 407.50 Euro’s


  • Title Deed Transfer Fees– when the Title Deeds for the property are issued, a fee is incurred to transfer the freehold ownership to the new owner. These fees are shown below:
Property Value Transfer Fee
Up to € 85,430 3%
€ 85,431 – € 170,860 5%
€ 170,861 and over 8%


  • If the Contract of Sale is in two names the calculated values are halved and applied to each person. For example, the fees for a property valued at € 155,400 in two names would be based on € 77,700 each and levied at the rate of 3% for each purchaser.
  • Please note through 2017 Transfer Fees are currently subject to a 50% discount on resale properties and a new build at zero fees.

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