Changes to Cyprus property transfer fees agreed Real Estate Tips

Changes to Cyprus property transfer fees agreed

Dec 10, 2011 Real Estate Advice

The Cypriot government has agreed to change the regulations relating to property transfer fees on the island for a period of six months. A report by Cyprus Property News explained that in some cases, no tax will be payable on a real estate transactions, while it will be reduced by half in other instances. It only affects the first sale of a home, with the publication noting it is hoped the move will “stimulate sales of new property”. Under the new law, those who are required to pay value-added tax (VAT) on their real estate deal will not have to fork out for a property transfer fee. For those who are exempt from VAT on such a purchase, the charge to transfer the home will be halved. These regulations came into effect on December 2nd and will apply to the Cyprus property market for six months. Meanwhile, a recent poll conducted by the newspaper among its readers found that the top concern for people buying a home on the island is title deeds. According to those surveyed, these documents need to be “issued promptly” and taking steps to ensure this occurs could help boost the country’s property sector.

Real Estate Tips
Cheap Properties from All Over USA