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Cyprus Property News

News Flash! Property transfer fee reduced by half, capital gains tax temporarily abolished.

Date: 17/07/15

Has there ever been a better time to buy a resale property in Cyprus? Probably not!


Property transfer fee levied on a sliding scale on all transfers of titles in Cyprus was reduced by a whopping 50%.


This tax bill was approved by the House last Thursday the 9th  and came into effect today. This reform will cover ALL transfers from today until 31st December 2016.


Such move by Cypriot lawmakers is designed to both stimulate the property market and encourage those who have not taken deeds from their respective development companies to proceed with transfer of ownership in their names.


In addition to this any property purchased during the same period (today to 31st December 2016) will not be subject to Capital Gains Tax which is levied in Cyprus at 20% even on a primary residence. So, why not invest in Cypriot property to benefit capital gain in the future tax free.


The transfer fee calculator on our website will be adjusted shortly to take into account the new reduced fees. In the meantime simply cut the transfer fee in half and enjoy!

 

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