The payment of Property Transfer Tax is required in order to transfer the Freehold ownership to your name and is payable once the property is registered in your name at the Land Registry Office. This process cannot be completed until after the Council of Ministers approval has been received. In reality, this means that it will up to three years from purchasing your property before you actually pay the tax.

The tax is payable once only to the Land Registry and is calculated as follows:

Method of charging: if a property has been bought jointly by two or more people i.e. if their names are on the Contract of Sale, then the cost of the property may be divided equally between those owners. The tax will then be charged to each owner for their portion, meaning that the individual cost will fall into a lower price band. The grand total will then be less.

Other Links

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• Property Transfer Tax
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