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Stamp Duty on Property Contracts

Source: Cyprus44 News  
04 March 2008

Payment of stamp duty to the tax office is compulsory.

For existing sales agreements the payment is 0.5% of the contract price until the 31st March 2008. Thereafter, on existing agreements, you will have to pay 0.5% plus 1% late payment penalty.

You need an original signed sales agreement, a copy of this and the 0.5% in Turkish lira, sterling or a cheque drawn on a TRNC bank account. If paying in sterling please take the exchange rate for the day.

NOTE: the Prime Ministry states that only the buyer, estate agent, builder or lawyer can do the stamping and District Lands Office registration on your behalf without a Power of Attorney. However, we know of instances where buyers have paid the stamp duty on behalf of other buyers as they don't ask for ID. This may not be the case at the DLO.

Registering the stamped sales agreement at the District Lands Office (Tapu), if dated before the 1st January 2008, is recommended, but not compulsory, and can be carried out before the 8th April 2008.

The District Lands Office (Tapu) total registration fee is 44.50 YTL for a Sales Agreement covered by one Koçan plus 13.50 YLT for each additional Koçan referred to in the Sales Agreement.

Text Provided by HomeBuyers Pressure Group.

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