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.