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News

2 Dec 2011

 

Cyprus government slashes tax to help drive property sales

 

Anyone contemplating a property purchase in Cyprus should act now, following the government’s decision to cut transfer tax on all purchases made in the next six months, starting from December 2, 2011.

 

The change in law means that all property transactions that previously were subject to VAT, ie new-builds, are now completely exempt from transfer tax, while for all others the transfer tax rate levied has been halved. Transfer tax is levied at 3, 5 or 8 per cent depending on the value of the purchase, so during the six-month window, a property usually subject to 3 per cent tax is now subject to 1.5 per cent, a property subject to 5 per cent is now subject to 2.5 per cent and one subject to 8 per cent is currently subject to 4 per cent.

 

Buyers who committed to a purchase before the tax break was introduced should note there are provisions in the law to stop buyers withdrawing contracts of sale at the Land Registry and altering the date of the transaction.

 

Click here to download the official document - Law amending the Lands and Surveys Division (fees and rights) Act.pdf  - (113KB in Greek)

 

 

 

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