All reports tagged with: "property transfer fees"
There have been a number of changes to various property taxes in Cyprus in recent times and a summary of the impact of those changes for individuals with property on the island are summarised below.
In an announcement published earlier today the Cyprus Finance Ministry advised that it has lifted the temporary 50 per cent reduction in Property Transfer Fees for transfers that take place by 31st December 2016
The law reducing the Cyprus Property Transfer Fees for transfers that take place before 31 December 2016 has been published and will be particularly welcomed by those waiting for their deeds.
Following a unanimous vote by MPs at the House plenary earlier today, Property Transfer Fees are to be cut by 50 per cent on all property sales that take place before 31 December 2016.
A 50 per cent cut in Property Transfer Fees and other tax incentives have been announced by the Cyprus President in efforts designed to attract high-net-worth foreign investors to the island.
A 50 per cent reduction in the Property Transfer Fees is being considered by government to help clear the Title Deed backlog as part of the changes designed to rationalise property taxation.
People who bought property in Spain are now facing the same problem as those who bought property in Cyprus as the Spanish tax department reassesses the duty payable o their purchase.
Cyprus Interior Minister Socrates Hasikos has said that there will be no reduction in Property Transfer Fees this year but it will be considered as part of a wider reform of property taxation next year.
There are still 39,490 Title Deeds that have not been transferred and it appears that there are many purchasers who are unable or unwilling to pay the unreasonably high property transfer fees.
The Cyprus government stands to gain millions from the transfer of 39,490 Title Deeds sitting at the Land Registry according to the latest annual report issued by the island’s Audit Office.