How to calculate VAT and TTF in Cyprus when purchasing property?

If you are planning to purchase a new property in Cyprus, it’s helpful to understand how to calculate Value Added Tax (VAT) and Transfer of Title Fees (TTF).

Calculating VAT:

VAT is applicable when buying new property in Cyprus, and the standard rate is 19%. To determine the VAT amount to consider in your purchase, follow these steps:

• Multiply the property sale price by the VAT rate (19%).
• The result of this multiplication will be the VAT amount to include in the total cost of your purchase.

Calculating Transfer of Title Fees:

When buying property in Cyprus, you will also need to pay TTF (Transfer of Title Fees). To calculate this amount, follow these steps:

• Multiply the market value of the property by the TTF rate.
• The resulting amount will be the cost of TTF to consider in your purchase.
• Now you can confidently calculate VAT and the cost of transferring property ownership when purchasing property in Cyprus.

Note: When buying property in Cyprus, there are also rules regarding obtaining permanent residency.