The Stamp Duty is a tax payable to stamp various document types in order to make them official. The Cyprus Parliament has recently amended the Stamp Duty Law of 1963 to 2007.

APPLICABLE RATES FOR STAMP DUTY

Document Type

Duty

Receipts (if not exempt) - for sums of over €47 cents
Cheques5 cents
Letters of credit€2
Letters of guarantee€4
Bills of exchange
(payable within three days, on demand or at sight)
€1
Contracts with a fixed amount
As from 1 March 2013:
- the first €5.000
- between €5.001 - to €170.000
- above €170.000
Capped at a maximum of €20.000 as from March 2013


0
1.5‰
2‰
Contracts without fixed sum€35
Customs declaration documents
(depending on document type)
€18-€35
Bills of lading€4
Charterparty€18
Powers of attorney
- general
- limited

€6
€2
Certified copies of contracts and documents€2
 

EXEMPT TYPES OF DOCUMENTS

A number of categories of documents are exempt from stamp duty, including documents relating:

  • Corporate reorganisations (which are exempt from all forms of taxation)
  • Documents relating to assets situated outside Cyprus
  • Business affairs that take place outside Cyprus
  • Ship mortgage deeds
  • Other security documents
 

PAYMENTS AND DEADLINES

Stamp duty must be paid within 30 days from the date of execution of the relevant documents or, if they are executed abroad, within 30 days after they are received in Cyprus.

If stamp duty is paid late, a surcharge of approximately 10 percent of the unpaid amount is payable if payment is made within six months after the due date; otherwise the surcharge is twice the unpaid amount.