The time to buy your dream house is now. Benefit from our new Special Offers and the abolishment / reduction of property transfer fees in Cyprus
A new amendment regarding a reduction/abolishment in the immovable property transfer fees has been approved by the cyprus house of representatives in order to boost business activity and attract foreign investment in Cyprus.
The new measure is effective up to the end of 2016 and applies to the sale of a property and it abolishes or reduces trasnfer fees provided that the contract of sale has been deposited within the period set by the Law.
- No transfer fees will be payable for properties which are subject to VAT.
- Transfer fees are reduced by 50% for those who do not pay VAT on their purchase.
Property transfer fees are paid by the purchaser and become payable at the legal completion for the sale and enable the ownership of a property to be transferred from the vendor to the purchaser by the land registry.
- For the first €85.000 the transfer fee is 3%
- For the amount of €85.001 and €170.000 the transfer fee is 5%
- For the amount exceeding €170.001 the transfer fee is 8%
Please note that VAT is reduced to 5% for first time buyers in Cyprus and that there is zero capital gains tax whenever you sell, and there is zero inheritence tax.