With the rising real estate market dynamics, buying a house in Cyprus offers very advantageous opportunities. However, it is important to pay attention to some points in terms of Cyprus housing investments. There are two types of taxes when buying real estate in Cyprus. The first of these is the fixed taxes paid at the time of housing purchase. Another is the tax on use and is paid annually.
Taxes paid when buying a house are as follows;
Stamp Tax: The stamp tax is a tax you pay on the stamp that formalizes your purchase of a home. Real estate buyers pay five per thousand of the price of the house they buy as stamping tax.
Value Added Tax (VAT): VAT paid before the house is purchased is five percent. However, second-hand houses are already taxed. For new residences, VAT of 5% of the housing price is paid for once.
Deed Transfer Fee: Steam tuition is paid after anything is approved. In other words, it is a fee paid when the title deed is transferred. The title deed transfer fee is 3% of the housing price.
Transformer Contribution and Other Links: This tax, which is requested to contribute to the infrastructure arrangements in new housing units, is between £1,500 and £2,500. This tax is collected for infrastructure projects such as electricity, telephone, water or internet.
If you are considering buying a house in Cyprus, you can always benefit from the knowledge of Döveç real estate experts. If you have any questions about finding and buying a house “How to Buy a House for Sale in North Cyprus” You can read our article titled.
Property Tax Paid After Purchasing the House
Property tax is paid annually, once a year. Real estate tax can put home owners in a difficult situation in many countries, including Turkey. Because it is calculated on the value of the house. However, in Cyprus, the property tax is calculated over the square meter of the house.
The property tax in Cyprus yields a price of 1 TL per square meter, that is, a property tax of 110 TL per year is paid for a 110 square meter house. This is actually a very low tax rate.
Also, there are many advantages offered to home buyers in Cyprus. In new housing projects, there are opportunities such as buying a house without paying taxes such as VAT. Buying a house in Cyprus is a profitable investment. You can get support from Döveç experts about affordable housing options and tax payments. Reliable Cyprus real estate firm Döveç, which takes care of everything for you, provides various advantages in terms of tax as well as payment.