# Property Transfer Tax



## Guest (Mar 24, 2012)

Many ask about the cost of Title Deeds or more correct the Property Transfer Fee you have to pay when you buy a property in Cyprus and transfer the Title Deeds into your name/s

Note the advantage to have 2 or more names in the Title Deed

The below text come from an English Laywer and I have checked it with the District Land office so it should be correct

*Calculating Property Transfer Fees*
Property Transfer Fees are based on a sliding scale as follows:

3% - on the first € 85,430

5% - on the next € 85,430

8% - on the remainder

So for a home costing € 200,000, the Transfer Fees would be € 9,165.60; for a home costing € 400,000, the Transfer Fees would be € 25,165.60.

*Buying in joint names*

If your Contract of Sale is in joint names (e.g. a husband and wife), the Property Transfer Fees are calculated as if you'd both bought a property of half the value.

So, for a home costing € 200,000 in joint names, the husband and wife would each pay € 3,291.40 making the total Property Transfer Fees payable € 6,582.80.


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## Veronica (Apr 5, 2008)

Vegaanders said:


> Many ask about the cost of Title Deeds or more correct the Property Transfer Fee you have to pay when you buy a property in Cyprus and transfer the Title Deeds into your name/s
> 
> Note the advantage to have 2 or more names in the Title Deed
> 
> ...


Yes you have got it right Anders.


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## Monty (Jun 9, 2008)

Hi all
If i wanted to put my Son as a joint owner? does it then get split 3 ways and does he have to actually live there , thanks in advance


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## kim1967 (Feb 26, 2012)

Monty said:


> Hi all
> If i wanted to put my Son as a joint owner? does it then get split 3 ways and does he have to actually live there , thanks in advance


Hi Monty
Not sure about the purchase but if you die your share will automatically go to your son and NOT your wife anyway as thats how it works in Cyprus. Not sure if that was any use to you though on your question?


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## Monty (Jun 9, 2008)

kim1967 said:


> Hi Monty
> Not sure about the purchase but if you die your share will automatically go to your son and NOT your wife anyway as thats how it works in Cyprus. Not sure if that was any use to you though on your question?


Thanks Kim
Just a thought after reading the thread. I knew about the Tax advantages for a married couple , not sure if it could be split 3 ways, sure somebody in the know will have the answer. 
Cheers for reply


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## Guest (Mar 25, 2012)

Monty said:


> Hi all
> If i wanted to put my Son as a joint owner? does it then get split 3 ways and does he have to actually live there , thanks in advance


It would be split in 3. And ofc he does not have to live there

In the 200000 € example the fee would be 5999,94 €


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## Veronica (Apr 5, 2008)

kim1967 said:


> Hi Monty
> Not sure about the purchase but if you die your share will automatically go to your son and NOT your wife anyway as thats how it works in Cyprus. Not sure if that was any use to you though on your question?


Your son would not automatically get your share if you died as long as you have a Cypriot will. It would have to go to probate but you can leave your share to your wife. However if your sons name is also on the deeds then he will of course be entitled to a third so if you died your wife would only own 2 thirds and if your son decided he wanted some money he could force your wife to sell. So it isnt a good idea to put your son on the deeds just to save a bit of money.


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## zin (Oct 28, 2010)

Thanks for this Vegaanders


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## Geraldine (Jan 3, 2009)

Veronica said:


> Your son would not automatically get your share if you died as long as you have a Cypriot will. It would have to go to probate but you can leave your share to your wife. However if your sons name is also on the deeds then he will of course be entitled to a third so if you died your wife would only own 2 thirds and if your son decided he wanted some money he could force your wife to sell. So it isnt a good idea to put your son on the deeds just to save a bit of money.


Hmm! I was thinking what a good idea, but it only wants a fall out with your kids and you could be homeless!


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## Guest (Mar 25, 2012)

Geraldine said:


> Hmm! I was thinking what a good idea, but it only wants a fall out with your kids and you could be homeless!


If you mean that a fallout can mean that your children claim their part of the property in money you are wrong. You have to be dead before they can do

Anders


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## Monty (Jun 9, 2008)

Thanks everybody
It certainly gives me something to think about,


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