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Cypriote Government to amend Property Transfer fees.
Yesterday the House of Representatives unanimously agreed on changes to the property transfer fees paid to the government when a title deed is transferred to a new owner.
Yesterday the House of Representatives unanimously agreed on changes to the property transfer fees paid to the government when a title deed is transferred to a new owner.
In an effort to stimulate sales and bolster government coffers the draft law will be effective for 6 months and will mean properties sold with VAT will pay no transfer fees, while those who have purchased property that is not subject to VAT will be eligible to a sizable reduction of 50% on property transfer fees payable.
It was however unclear if the law will be applied retrospectively to purchasers who already have their contracts registered. Although it would make sense for the law to be so, as many people “hold off” the purchase of their deeds for many years despite them being available.
Previous rates of property transfer fees are easily calculated on our property and fees page.
*****UPDATE******
After many delays the draft law has finally been passed. The heavily amended final version is a bit of a damp squib. The only properties that will be subject to the reduction in transfer fees will be properties that have never before been sold before. As for the rest of us we will be still be subject to the tax at its full rate.
