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Government introduces new incentives for buying property in Cyprus

08 Dec, 2011
Chrystalla Socrates

After long debates, a new legislation designed to stimulate Cyprus property sales has been approved by the Cyprus government.

According to the new law, for property sales contracts that will be signed and deposited in the Cyprus Land Registry within the next six months period, Transfer Fee will be:

  • Reduced by 50% for VAT-free properties
  • Completely abolished for the properties that have VAT
These measures are temporary and will apply only for the property sales that will be completed within 6 months, starting from 2nd of December 2011.

This new law applies to EU residents as well as non-EU.

There are provisions in this law to prevent its abuse. Buyers will not be able to withdraw existing contracts from the land registry and re-deposit them for Specific Performance again after changing the date.

 

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