ADDITIONAL COSTS
It is wise to have a
budget in mind before starting to look at property. You also need an
understanding of the costs of the taxes and stamp duty and the cost
of legal advice and the on going costs of the upkeep of the property.
Example
of additional costs associated with purchase
This illustration is
based on a buying price of 100,000€ and is based on a joint
purchase, as this affects Real Estate Transfer Tax (RETT). See
explanation below.
LEGAL FEES - (Scaled according to the
amount if work involved
and price of the property) -
1.500€ INC VAT
REAL ESTATE TRANSFER
TAX____________________________1760€
Real
Estate Transfer fees are imposed by the Lands Registry in order to
transfer FREEHOLD ownership to the name of the purchaser. The
transfer fees are due for payment when the transfer of the title deed
in the name of the purchaser takes place. The Purchaser is solely
responsible for the payment of the transfer fees. The rates are on a
graduated scale.
STAMP
DUTY____________________________________________160€
The
purchaser is liable for the payment of stamp duty on the purchase
price of the property at the rate of CYL1.50 per thousand up to
CYL100.000 and thereafter at the rate of CYL2.00 per thousand.
This
should be paid within 30 days from signing of the contract of
sale.
For example if the purchase price is CYPL150.000
|
first
CYP 100 000
|
1.5‰
|
CYP
150
|
|
next
CYP 50 000
|
2.0‰
|
CYP
100
|
|
|
Total
|
CYP
250
|
CONNECTION
CHARGES_____________________________ 190€
TOTAL________________________________________________
3,610€
All costs
associated with purchase are paid separately either to your builder
or your solicitor.
All costs
are estimates and for guidelines only. Exchange rates are liable to
fluctuation.
Legal fees
are estimates and may fluctuate depending on each individual
contract.
Connection
charges will vary depending on the size of the property.
