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New Laws voted by the Cyprus Parliament
New Law was enacted governing the provision of fiduciary and corporate services
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Abolition and reduction property transfer fees
Tuesday, November 15, 2011
 

The Cyprus Parliament has enacted a law to suspend or reduce property transfer fees for the next six months. For purchasers of new homes subject to VAT, no transfer fees will be payable. For purchases not subject to VAT the property transfer fee will be reduced to 50% of the current level. Purchasers who submit applications under the provisions of the Town Planning Amnesty will enjoy the same benefit.

The new law is an interim measure, effective for six months pending preparation of new legislation reforming the taxation of real estate in Cyprus. Certain details, such as transitional arrangements, remain to be finalised. Full details will be published as soon as they are available.

Please contact us if you require any advice on the matter


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