Stamp Duty Law of Cyprus
Paying Stamp Duty in Cyprus
In an attempt to simplify and modernise the Stamp Duty law of Cyprus (Law 19/1963) (the “Law”) there have been some recent amendments.
Main amendments relate mainly to the stamp duty rates payable regarding different types of document
The law states that stamp duty is payable on any document concerning a property that is situated in the Republic of Cyprus. This is irrespective as to the place of execution of the document.
Contracts valued from 1 euro to 5000 euros, zero stamp duty
Contracts valued from €5001 to €170,000 and for every €1000 or part of €1000 the stamp duty value is €1.50
Contracts valued over €170,000 and for every €1000 or part of €1000 the stamp duty value is €2.00 but with a maximum stamp duty amount of €20,000
Payment of Stamp Duty
Stamp duty payments must be paid within 30 days from the receipt of any relevant documents. Failure to pay within the 30 days will result in penalties. (if the document was executed abroad then the 30 days begins when the document arrives in Cyprus)
For more information and guidance get in touch with our lawyers or email iMPK Global Business Law Firm – Cyprus Lawyers – Michalaki, Pitsillidou & Co. LLC, at email@example.com .Tel. +357 99345000 – Fax +357 25 660097.