Paphos People

Good afternoon,

The Cyprus Government has passed a new law regarding the transfer fees (the money you pay to the land registry office to transfer the title deeds into your names).

From 02/12/2011 and for a period of six months for any new contract to purchase a property with VAT no transfer fees will be payable.

This is thus for properties from developers who is completed and/or under construction and has VAT on the purchase price.

For contracts to purchase land, only 50% of the transfer fees will be due.

For other properties (houses, apartments etc.) without VAT on the price, provided that these properties are sold for the first time from the date of the issue of planning or building permission, again only 50% of the transfer fees will be due.

It will be necessary for the contract of sale to be signed and lodged with the land registry office within the six month period starting from 02/12/2011.

The above reduction will be valid if the transfer of the title deed is done after the six month period.

Thus, if you buy a property during this six months which meets one of the above criteria and the separate title deeds are issued after the expiration of the six month period, you are still entitled to the discount in the transfer fees as stated above.


Regards


Haris Kalogirou