On the 9th of July, the Cyprus Parliament passed the bill, according to which the property transfer fees will be cut by 50% for all property sales and registrations that will take place before the 31st of December 2016.
Currently the fees are as follows:
- 3% of the first €85,000 of the property value
- 5% of the next €85,000 and
- 8% of the amount over €170,000.
Furthermore the following will be exempted from paying transfer fees:
- Transfers from parent to child
- Transfers involving exchanged real estate assets of equal value.
Also, reduced fees will be applicable in case of property transfers from a company to its shareholders.
For further information or legal advice, please get in touch with our team.