Cyprus Property Forum for Buyers, Sellers & Investors

Hello,
Our title deeds are ready for transfer and we have been advised that now is the best time to organize this as the property transfer tax has been suspended for 6 months. I posted in June when first advised of availability but left things on the long finger.

Are we right to go ahead? I have a sneaking suspicion the govt. might look for retrospective fees??

I asked previously re solicitor fees. What would a fair price be? We shall be going to do all the necessary paperwork personally in Cyprus very shortly.

When can we expect/demand to have these famous 'title deeds' in our possession?

Thanks for any and all advice.

Hi goodros,

I published an article on this subject last week - Cyprus government abolishes property transfer fees.

It's aim is to stimulate the property sector, which is currently flat on its back.

In the announcement made last Thursday, the suspension would only apply to future purchases. But since then there have been concerns raised by the Real Estate Agents Association raised that it only applies to building plots and new buildings.

Hopefully details of the temporary changes in the law will be published later this week in the Cyprus Gazette and then I can say with certainty how the changes will affect you and others in a similar position.

Personally, I have my doubts whether it will be applied retrospectively. There are more than 100,000 properties that have yet to have their Title Deeds issued and by making the change retrospective, the government could lose millions in much-needed revenue. Cyprus recently agreed a €2.5 billion loan from Russia to help bolster the Island's economy.

There is no need to employ a solicitor to get your deeds, you can visit the Land Registry with the vendor and do the business. It will probably take the Land Registry a couple of weeks to issue the deeds - and it will take longer if you pay by cheque.

Regards,