All Posts in "Real estate purchase" Category

🏛️ Basic informationUntil 2016, there was a state immovable property tax (Immovable Property Tax – IPT) in Cyprus,which had to be paid by every property owner based on its value as of January 1, 1980. From January 1, 2017, this tax was completely abolished.This means that today, in Southern Cyprus, there is no annual state…

🏡 Basic informationAfter purchasing or completing a property in Southern Cyprus, the new owner must register utilities in their name.The process is simple but requires a personal visit to the offices or authorization via a lawyer. In Cyprus, all utilities are billed individually – each apartment or house has its own electricity and water meter….

⚖️ Basic informationIn Southern Cyprus, property purchases are carried out exclusively through a licensed lawyer / advocate.There is no separate notary profession – the lawyer acts as a notary and certifies signatures. All documents, certifications, and registrations are handled through: 1️⃣ Lawyer fees (Legal fees) Service Typical Fee Notes Legal Check (Due Diligence) €1,000 –…

💰 Basic InformationRental income from property in Southern Cyprus is subject to Income Tax under the laws of the Republic of Cyprus.Taxation depends on the owner’s tax residency, type of rental (short-term / long-term), and the amount of net income. Cyprus has one of the lowest effective tax rates in the EU and offers many…