1. The tax on transfer of property
Usually it is from 3 to 8%, but with the purchase in 2015, thanks to government benefits, the amount paid is not necessary.
2. VAT
If this is the first property acquired for personal use, VAT of 5% (the second property or for commercial use – 19%) € 300.000 × 5% = € 15,000.
3. Lawyer (preparation or verification of the agreement, check the property for the presence of encumbrances, the contract deposit in the Land Registry, the application for a reduced VAT application for an immigration permit, etc.) – is paid directly to the lawyer. Typically, about 1% of the property value = € 3000 + VAT 19% = € 3570.
4. The Department of land
The amount of € 100 is paid for the contract deposit and entering it in the land registry.
5. Basic health insurance
Approximately 200 human € (depending on age). On the family about € 600.
6. Registration fee (Stamp Duty) = € 520.
7. The application for a residence permit – a government fee
This amount is standard and is € 500 for each application. separate applications and a charge of € 500 for each child for 18-25 years in the financial dependents are made.
8. Certificate of Alien (Alien Certificate)
Every foreigner who receives a residence permit in Cyprus is obliged to issue a certificate of an alien, which costs € 70 per person – € 210 for three.
TOTAL € 320.500
Furniture and decorations, utensils, electrical, air-conditioning, heating = € 25,000 + VAT (19%) = € 29.750.
Furnished house, ready for use – TOTAL € 350.250