Paphos People

Dear ‘Paphos People’,

With the new law that has taken effect as of the 17th July 2015, it is with great pleasure we announce that all transfer fees have been reduced by 50%. All transfer fees for all transfers of Title Deeds that will be made from now until December 2016 will benefit from this amendment.

This law applies to anyone who buys property now until 31st December 2016 and should they wish to sell it in the future even after the above date, they will not be subject to Capital Gains Tax. This law is designed to both stimulate the property market and encourage those who have not taken deeds from their respective development companies yet, to proceed with the transfer of ownership in their names.

I believe this is a good opportunity for anybody who is interested in buying property in Cyprus for residency or purely just for investment purposes. There has never been a better time to buy property in Cyprus, than now.

Should you require any further information or advise please do not hesitate to contact us.

Best Regards,

Haris Kalogirou
Lawyer

Does this apply to people who have their deeds at land registry all sorted and waiting to be signed over and paid for?

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And the Oscar goes to........

Yes. If the separate Title Deed is available and it is ready to be transferred into your name as official owners, then yes the new law applies to you as well. The transfer must be arranged between now and the cut off date 31st December 2016.

Best Regards,

Haris Kalogirou
Lawyer

I thought this is yet to confirmed, don't parliment discuss it when they return after the summer break?

Dear 'Thegell' the new law has been confirmed and it took effect as of the 17th July 2015. The transfer fees are now calculated at half the price.

Parliament is still in discussion during this period over the properties that have still got mortgages and/or memos on them from the developing companies which has restricted owners of their properties to transfer the title deed into their names. I hope that this will be finalized by the end of the summer.

Best regards,

Haris Kalogirou
Lawyer

Rumours are circulating that the cut-off date has been extended indefinitely (or at least 6 months into 2017).

Is this a fact, or a fiction?

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I'll be back!

It is fact that the transfer fees are reduced by 50% permanently or when the government decides to vary the rate.

What is not so clear is the position of those who paid VAT on their purchase. This represents a free transfer (subject to the Land Registry assessment) if VAT was paid. This also was supposed to end on 31/12/16. I have asked at LR and could not get a definite answer on this. Luckily barring an injunction from the developers bank, our transfer will take place on 9 November. Over a year after the deeds were available to be transferred. Which rather proves the "hidden mortgages amendment" is a rather poor tool for clearing the backlog caused by developer debt.