What is the new policy for transfer fees in Cyprus? What are the exceptions for the abolishment or reduction of property transfer fees in Cyprus?

The Cyprus Parliament announced a new policy regarding the abolishment or reduction of property transfer fees.

1. Total exemption (100%) from transfer fees, if the transfer relates to a transaction that is subject to VAT. (i.e. Either standard or reduced rate of VAT). 

2. In case a transaction is not subject to VAT, the legislation provides an exemption of 50% on the amount of transfer fees. This applies to transactions where transfer fees apply or are due and the transfer relates to plots of land, buildings (i.e. houses) or interests in land or indivisible interests that are sold for the first time from the date of issue of the relevant building permit and the relevant contract is prepared and submitted for the first time to the local District Land Registry from the 2nd of December 2011 and onwards. 

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