The Stamp Duty legislation has been amended on the 17th of December 2012 by the Stamp Duty (Amending) Law of 2012, Law No. 173(I)/2012, amending the provisions of the Cyprus Stamp Duty law of 1963 to 2007.
The amended legislation in in effect since the 1st of March 2013.
Agreements specifying a fixed amount:
For all agreements and/or memorandum of agreements and/or all documents forming any agreement specifying any fixed amount, the stamp duty is calculated on the basis of the contract value stated within the document in the following manner:
- For amounts between €1 – €5.000 the stamp duty payable is €0
- For amounts between €5.001 – €170.000 the stamp duty payable is €1,50 for each amount of €1.000 or any part thereof.
- For amounts exceeding €170.000 the stamp duty payable is €2 for each amount of €1.000 or any part thereof, with a maximum cap of €20.000.
Agreements not specifying a fixed amount:
For agreements and/or memorandums of agreement and/or all documents forming an agreement in which no fixed amount is specified the stamp duty payable is €34,00. On contracts with value between €1.00 – €5.000, the value of the stamp duty is zero.
Penalties where the stamp duty is not paid within 30 days from execution in Cyprus:
If the stamp duty is paid within six months after execution then for the unpaid stamp duty not exceeding €2.00, the unpaid amount must be paid plus €2.00;
For the unpaid stamp duty exceeding €2.00 but being less than €35.00, the unpaid amount is payable plus a penalty of €35.00; and
For the unpaid stamp duty exceeding €35.00, the unpaid amount is payable plus 10% on the amount of the stamp duty which exceeds €35.00.
If the stamp duty is paid after the expiration of six months from execution, the unpaid stamp duty is payable, plus double the amounts of the penalties specified above.