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Property Taxation in Cyprus & Greece

 

Property Transaction procedures and Taxation in Cyprus are different to those in Greece.

While in Cyprus they are similar to UK, in Greece they are more like the rest of Europe.

 

Property Transactions & Taxation in Cyprus.

  • Land Registry: In Cyprus, like in UK, the Land Registry system covers the whole country, and all deeds registration. It is an efficient and competent system, and is fully computerised.

  • Lawyer: All property transactions require a 'contract' drawn by a lawyer, who subsequently controls the whole process through to completion, transfer and deed registration, very much like in UK.

  • Property Transfer Tax: This tax is based on the property value as assessed by the Land Registry, and not on the contract value. It must be paid by the new owners to the Land Registry after contract completion and on transfer of the deeds to them.

  • Capital Gains Tax: This tax is based on the difference between the purchase and sale price of the property, and must be paid by the vendor to the local tax office, prior to the transfer of property.

  • Annual Property Tax: All properties are subject to Annual Council Tax and Property Tax. The Council Tax must be paid by the current owner to the local council, while the Property Tax gets paid by the same to the local tax office.

Our commitment to a fully comprehensive personal service throughout the whole engagement and beyond, will ensure a smooth and successful property transaction in Cyprus.

Let us take this off your hands. We can make it all happen!!

 

Apartments Houses Flats For Sale in Cyprus & Greece - Cyprus Real Estate Property For Sale

Luxury Apartments For Sale in Cyprus

 

Apartments Houses Flats For Sale in Cyprus & Greece - Cyprus Real Estate Property For Sale

 

Property Transactions & Taxation in Greece.

  • Land Registry: In Greece, the Land Registry system has only recently been launched, covering a minor part of the country. It is gradually replacing the existing Registries of Mortgages, where all deeds are currently registered.

  • Notary Public: All property transactions require a 'notary deed', drawn up, signed and ascertained by a Notary Public, a legally authorised public servant.

  • Lawyer: A lawyer is not only recommended, their engagement is actually obligatory for transactions over a set value. Together with the Notary Public, they see the transaction through to its full conclusion, transfer and 'notary deed' registration.

  • Property Transfer Tax: This tax is based on the 'notary deed' value and not on any surveyed value. It must be paid by the new owners to the local tax office prior to signing the 'notary deed'.

  • Capital Gains Tax: This tax is based on the difference between the purchase and sale price of the property, and must be paid by the vendor to the local tax office, prior to the transfer of property.

  • Annual Property Tax: All properties are subject to Annual Council Tax and Property Tax. The Council Tax is incorporated in the electricity bill of the current owner, while the Property Tax gets paid by the owner to the local tax office.

Our commitment to a fully comprehensive personal service throughout the whole engagement and beyond, will ensure a smooth and successful property transaction in Greece.

Let us take this off your hands. We can make it all happen!!

 

Apartments Houses Flats For Sale in Cyprus & Greece - Cyprus Real Estate Property For Sale

Prime Land & Plots For Sale in Cyprus

 

Apartments Houses Flats For Sale in Cyprus & Greece - Cyprus Real Estate Property For Sale

 

 

Intelligent Property Investments

For a well informed service, call Yannis on +44 (0) 77 6885 1313, or send us an email, or an online request. We will respond promptly and will endeavour to fullfil your specific requirements.