Taxes Except House Purchase Price.
1- Stamp Fee: This fee is paid by the purchaser by 0.5 per cent to Tax Office for certification purposes.
2- VAT: This tax is paid by the client in 5 per cent rates over the contract price to the Tax Office.
3- Transformer Contribution + Substructures and Connections: The expenses on power, phone, water supply and other substructures are equally divided to the clients as the state do not conduct the connections. According to the scale of the project, the expenses vary between £1500 – £3500 and are paid beforehand the submission of the keys.
4- Deed Transfer Fee: As the attorney receives the house purchase permits, and in case the client pays all the debts of the house and the deed is pending, this fee is paid in 3 per cent rate according to the price evaluation of the TRNC Deed Department.
5- PS: In second hand estate purchases, as the house is not bought from a professional vendor, VAT and Transformer Fee is not charged. If there is a contract, only Stamp Fees are paid. If not, 3 per cent transfer fee is paid.
* Estate owners in Cyprus pay 1TL for a metre-square to municipalities once a year. A 100m2 house would have 100TL annual estate tax.