How to Be Proactive When Selling Property in Cyprus
Selling a property in Cyprus? Being prepared can save you time, money, and unnecessary stress. Here’s a checklist to help you stay ahead — before signing the main contract of sale:
1. Collect Key Documents
▪ Copy of your title deed & title deed plans
▪ All official plans and permits of the property
▪ Recent utility bills applicable to your property
▪ Ensure your bank account is active and updated, and that you have your banker’s contact information
▪ A copy of your residency permit (if applicable)
2. Ensure All Bank Due Diligence Checks Are Completed Early
Before any payment is made, ensure your bank completes all due diligence checks regarding the source of funds information of the Purchaser.
✅ Your lawyer can assist to avoid delays, frozen accounts, or blocked transfers.
3. Get Your Cyprus Tax ID
You’ll need a valid Tax Identification Number before signing the contract.
✅ This simple step avoids procedural delays when the tax clearance procedure starts.
4. Settle Personal Tax Matters in Cyprus
▪ File all required income tax returns (if applicable)
▪ Pay any outstanding rental income tax (if the property was rented)
✅ Being up to date with your tax obligations streamlines the tax clearance process significantly after the signing of the main contract.
5. Pay Utility & Communal Charges
Clear any unpaid utility bills and communal expenses before signing.
Or at the very least, be fully aware of any outstanding amounts — this avoids disputes with buyers or authorities and helps move the process forward.
6. Estimate Your Capital Gains Tax
Work with either our property lawyers or your accountant to calculate your capital gains tax. Ensure you have:
▪ Your original purchase price
▪ Official receipts for any improvements made
▪ Information about your property’s history and status
▪ Whether you qualify for any capital gains tax exemptions or allowances
✅ Proper preparation ensures an accurate estimate and helps you plan your finances in advance.
7. Check Passport Validity
Make sure your passport is valid and won’t expire in the coming months — especially important for non-Cypriot sellers.
✅ Following these steps will help ensure your sale proceeds smoothly and without unnecessary delays.
For tailored legal support throughout every stage of your property sale, contact Andreas Demetriades & Co LLC.
Selling a property in Cyprus?
Get in touch with our lawyers using the form below!