Buying and selling property without title deeds in Cyprus

1
Buying and selling property without title deeds
in Cyprus

• By
• Paphos Cyprus
• www.propertyofcyprus.com

2
Buying and selling property without title deeds
in Cyprus
Many home buyers in Cyprus purchase their homes
without title deeds because of the system in
Cyprus and the lengthy process that is involved.
Many home buyers go through the process with out
truly understanding it until they must sell.

• www.propertyofcyprus.com

3
Buying and selling property without title deeds
in Cyprus
Most buyers think that they will not have this
problem when they purchase and many believe that
they will hold on to their property for many
years and will have received the title deeds by
then. 

• www.propertyofcyprus.com

4
Buying and selling property without title deeds
in Cyprus
Then, for some reason the owner wants to sell
without the deeds. What do you need to do? Here
are the details of the procedure that will occur
during the selling or buying process which is
good to know in both scenarios.

• www.propertyofcyprus.com

5
Buying and selling property without title deeds
in Cyprus
The Cypriot legal system requires that every sale
of property is to go through a tax system which
is either capital gain tax or income tax. The
income tax is imposed for dealers and developers
or individuals who may buy and sell more than 2
to 3 properties.

• www.propertyofcyprus.com

6
Buying and selling property without title deeds
in Cyprus

• The capital gain taxes are estimated in the
  region of 20 after the following deductions are
  made-
• The original purchase price
• Any costs you can prove that they were made for
  the structural development of the property
• 10.000CYP per person as personal allowances
• The inflation for the period you had possession
  of the property.

• www.propertyofcyprus.com

7
Buying and selling property without title deeds
in Cyprus
In addition to the above, you should know that in
the absence of a separate title deed, the only
way to sell is to cancel your contract and a
fresh contract to be signed between the
developers and the new buyers.

• www.propertyofcyprus.com

8
Buying and selling property without title deeds
in Cyprus
This may create additional costs called
cancellation fees. The amount to be paid depends
on the developers you bought from. Additionally
you will be asked to pay the cancellation
contract stamp duty which is 150 CYP for
properties up to 100, 000 and 2 per thousand
above 100,000 CYP.

• www.propertyofcyprus.com

9
Buying and selling property without title deeds
in Cyprus
Procedures concerning the sales should be handled
by lawyers who are familiar with the relevant
procedures and they could undertake the relevant
responsibilities, both for the legal and the
financial matters. Therefore, you should be
prepared to pay legal fees which in our
experience should be in the region of CYP1000
plus VAT approximately.   

• www.propertyofcyprus.com

10
Buying and selling propertywithout title deeds
in Cyprus

• Thank You

Please visit www.propertyofcyprus.com for more
details.