Law change on transfer fees

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BANJO
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Joined: 28 Jul 2012 11:19

Law change on transfer fees

Post by BANJO » 30 Jul 2012 14:53

In the Cyprus Weekly June 1 - 7 2012, Antonis Loizou stated in his property page that Vat and Transfer Fee laws were changed the week before and that there would be a 5% transfer fee as long as the sales contract was deposited with the land registry prior to the extended date of 31.12.2012.
As i now have copies of my completion certificates and awaiting the imminent transfer fees for issue of my title deeds, where do i stand in relation to this new law??? We purchased our individual house for cash in March 2007 as permanent residents (Nov 2006) in both our names. The 5% would mean cheaper transfer fees to us than i expected. So please tell me the truth of it all.
Banjo



Nigel Howarth
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Re: Law change on transfer fees

Post by Nigel Howarth » 30 Jul 2012 15:43

Hello Banjo and welcome to the forum,

Unfortunately, the reduction in Property Transfer Fees does not apply to you. The changes came into force on Friday 2nd December and originally applied for a period of six months - see http://www.news.cyprus-property-buyers. ... /id=009989

They have now been extended to the end of the year - see http://www.news.cyprus-property-buyers. ... id=0011554

These changes only apply to the first sale of a property - and the contract has to be signed and deposited at the land registry after 1st December 20112 and before 1st January 2013.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
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BANJO
Posts: 2
Joined: 28 Jul 2012 11:19

Re: Law change on transfer fees

Post by BANJO » 30 Jul 2012 16:37

Hi Nigel, many thanks, i should have guessed that i couldn't be lucky twice in one year, title deeds after 5 years (not without personal pressure) and lower transfer fees.
Best regards Banjo



Nigel Howarth
Site Admin
Posts: 2275
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: Law change on transfer fees

Post by Nigel Howarth » 30 Jul 2012 19:34

BANJO wrote:i should have guessed that i couldn't be lucky twice in one year, title deeds after 5 years (not without personal pressure) and lower transfer fees.
The changes to the law were designed to help stimulate the market by helping property developers shift their stock of unsold homes.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

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