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Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 8 November 2019 Small rise in property sales

    October saw a marginal rise in Cyprus property sales compared to the... read more

  • 31 October 2019 Express Evictions For Bad Payers

    Parliament's plenary session on November 22 will put forward a bill tabled by... read more

  • 9 October 2019 Landmark Agreement between Cyprus and the United Kingdom

    FULL details of the landmark agreement between Cyprus and the United Kingdom... read more

  • 3 October 2019 Breaking News Potential Change to Definition of Russian Tax Residency for Individuals

    Individuals spending 90 days a year in Russia, or having their centre of... read more

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 8 November 2019 Small rise in property sales

    October saw a marginal rise in Cyprus property sales compared to the... read more

  • 31 October 2019 Express Evictions For Bad Payers

    Parliament's plenary session on November 22 will put forward a bill tabled by... read more

  • 9 October 2019 Landmark Agreement between Cyprus and the United Kingdom

    FULL details of the landmark agreement between Cyprus and the United Kingdom... read more

  • 3 October 2019 Breaking News Potential Change to Definition of Russian Tax Residency for Individuals

    Individuals spending 90 days a year in Russia, or having their centre of... read more

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

Reduced property transfer fees

FURTHER details have emerged of the eagerly anticipated reduction in Property Transfer Fees, which are paid by the purchaser and become payable whenever a property in Cyprus changes hands and are the Cyprus equivalent of the Stamp Duty Land Tax (SDLT) payable in the UK. The key features of the legislation are as follows: For transfers that take place before the 31st December 2016 – applicable to all properties purchased before 2 December 2011: (a) If VAT was paid on the property, no Property Transfer Fees are payable. (b) IF VAT was not paid on the property, the Property Transfer Fees are reduced by 50%. However if the Director of the Land Registry considers that the price stated on the contract of sale does not reflect the market value of the property at its date of purchase he may, at his discretion, charge the full Property Transfer Fees based on the market value of the property at its date of sale less the price stated on the contract of sale. Those who have or will purchase property between December 2, 2011 and December 31, 2016 will benefit from the reduced Property Transfer Fees regardless of when the transfer takes place. (Article Transfer fee abolition/reduction law published at last! refers.) The law make no mention of a refund to those who have already paid their Property Transfer Fees. However, in a statement he made last year, the Interior Minister was reported as saying that there was no point in putting off transferring the deeds as any reduction would have retroactive effect if it is decided and that amounts commensurate with the reduction will be returned to all impacted parties.

Read more at: http://www.news.cyprus-property-buyers.com/2015/07/28/reduced-property-transfer-fees/id=0087106
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