http://www.cyprus101.com/ 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.

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. Thank You
Buying and selling property
without title deeds in Cyprus
Please visit
www.propertyofcyprus.com
for more details.