As many will already know Transfer Fees are paid to the Land Registry so that a title deed can be registered onto a person’s name. These are calculated by the Land Registry on the day of the transfer of the title deed. The calculation of the transfer fees is based on the market value of a property at the time of purchase (not the current market value at the time of transfer).
Last week Cypriot Parliament voted new legislation by which Transfer Fees are discounted by 50% for title deed transfers to be done from now and until the end of December 2016.
We are currently waiting for the legislation to be published and we believe this will be available very soon.
Please contact us if you would like more information.