Tax on immovable property in Cyprus will be abolished from January 2017.
In June of 2015 the Cyprus House of Representatives approved a 50% reduction in property transfer fees until the end of December 2016.
There is presently a suggestion by the government that the legislating body approve a permanent 50% reduction in transfer fees and there are good chances that it will pass.
No transfer fees are due when a property is donated from parents to children, between spouses or between siblings. However, there is a small processing fee of between ten and fifty Euros payable to the Lands Office at the time of transfer.
Following a unanimous vote by Members of Parliament, property transfer taxes have been cut by 50% until December 31, 2016 – good news indeed for all those buyers ready to transfer available title deeds!
This move is part of a wider tax reform in order to help stimulate the Cypriot economy.