Suspension of Real Estate Transfer Fees extended until 31 December 2014.
"Finally…. I'm about to get my title deeds, but what about Transfer Fees?"
One issue that people often forget about in that long wait for their title deeds is that they have to pay a transfer tax bill on the issuance of their title deeds.
When the property is transferred and registration is made into the buyer’s name, the Cyprus Land Registry will charge a transfer fee based upon the market value of the property at the time of the purchase. However, due to current economic conditions in Cyprus and in an effort to boost the island’s economy and primarily the property sector, the current legislation abolishing transfer fees for new properties where VAT has been paid has been extended until 31st December 2014. Furthermore, if you have purchased a property that was not subject to VAT, your transfer tax bill will be reduced by 50% at the current rate and this also has been extended until 31st December 2014. It is important to note that the reduction in transfer fees only applies to the first sale of a property. If you have any questions or queries regarding this matter, please contact us.