Real Estate Transfer Tax

These rules do not apply to Turkish Cypriots, and rates are different for citizens of Turkiye.

The following rates apply to foreigners

10th of February 2023

the requirements for foreigners to pay half of 12% transfer fee concurrently with registration of a contract of sale with the Land Registry. The remaining half (i.e. 6% of the sale price) is payable upon transfer of a title deed. Also 0.5% is paid for stamp duty.

Therefore, fees to check and to consider are as follows:

Title Deed fees: 6.5% upon registering your contract at Land Register office; 6% upon issuance of your Title Deed

VAT: One-time payment of 5% of the property. If Land Register reevaluates your property at 200,000 GBP, total VAT is 10,000 GBP. Maybe previous owner has already paid 7,000 GBP VAT, and therefore you pay the remainder, 3,000 GBP VAT. Checking this is crucial to understanding the total amount you are going to spend.

Connection fees: Varying between 1,500 to 10,000 GBP, connection fees refer to Transformer fee (for bringing electricity to your property) and Water metre fee (for bringing water to your property). This also is usually paid by first owner of the property, and knowing whether these fees have been paid, can change the total costs.

Don’t rely only on the Sales Price and enquire about the abovementioned costs with your realtor.

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