No Stamp Duty on Property Purchases in Cyprus: What Buyers Need to Know
Buying property in Cyprus has become even more attractive, as stamp duty is no longer payable on property sale contracts. This important change significantly reduces the overall cost of purchasing real estate and strengthens Cyprus’s position as a buyer-friendly property market.
What Is Stamp Duty?
Stamp duty was traditionally a government tax payable on the contract of sale when purchasing immovable property. The amount was calculated based on the purchase price and was required for the contract to be officially stamped before it could be deposited with the Land Registry.
What Has Changed?
Stamp duty on contracts relating to the purchase of immovable property has now been abolished. This means that buyers are no longer required to pay stamp duty when purchasing residential or commercial property in Cyprus.
The removal of this cost applies to property sale contracts and forms part of wider efforts to simplify transactions and encourage both local and international investment in the Cypriot real estate market.
What Does This Mean for Buyers?
For buyers, this change translates into immediate savings at the time of purchase. Whether acquiring a primary residence, a holiday home, or an investment property, the overall acquisition costs are now lower, improving affordability and cash flow.
For investors, the abolition of stamp duty further enhances return on investment, as upfront costs are reduced and capital can be allocated more efficiently.
A Strong Signal for the Property Market
This measure reinforces Cyprus’s reputation as a transparent and competitive property market. Combined with other advantages such as a favorable tax system, strong legal framework, and continued demand in key locations, the absence of stamp duty makes property ownership in Cyprus even more appealing.
Expert Guidance Makes the Difference
While stamp duty is no longer applicable, property buyers should still receive professional advice regarding other costs and legal requirements involved in a transaction. Working with an experienced real estate and legal team ensures a smooth and secure purchase process.
At The Property House, we guide our clients through every step of buying property in Cyprus, providing up-to-date information, transparent advice, and tailored solutions to match each buyer’s needs.
For more information about purchasing property in Cyprus or to explore available opportunities, please contact The Property House.