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Cyprus – Selling Property

  • Obtain a Property Title: In order to sell a property in Cyprus, the seller must have a clear title to the property. This means that the property must be registered in the Land Registry and the seller must be the registered owner.
  • Prepare a sales contract: The contract should include details of the property, the parties involved, and the terms and conditions of the sale. It should be signed by both the buyer and the seller.
  • Notarize the contract: The contract must be notarized to make it legally binding. This can be done at a local notary office.
  • Register the contract: Once the contract is notarized, it must be registered with the local land registry office. This is to ensure that the new owner’s name is added to the Land Registry.

Capital Gains Tax in relation to Property in Cyprus

  • Capital gains tax is a tax on the profit made from the sale of a property.
  • The tax rate in Cyprus is 20% on the profit made from the sale of a property.
  • If the property was owned for more than 5 years, a lower tax rate of 10% applies.
  • The tax must be paid within 30 days of completing the sale.

How Easy is it to Sell Your Property Yourself in Cyprus?

  • Selling a property yourself in Cyprus is possible, but it can be a complex process.
  • It is recommended to seek legal advice and assistance to ensure that all the necessary steps are followed correctly.
  • Having a good understanding of the local property market and being able to communicate effectively with potential buyers can also help to make the process easier.

Is Property Exchange Popular in Cyprus?

  • Property exchange is not a common practice in Cyprus.
  • Most property transactions in Cyprus involve buying and selling properties for cash or through mortgages.
  • Property exchange, also known as a “barter” is not a common way of buying or selling property in Cyprus.
  • The process for selling a property through barter is similar to selling a property for cash, and the same legal procedures must be followed.

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