ServPRO reports, according to a recent announcement published by the Cyprus Finance Ministry the 50% reduction in Property Transfer Fees for transfers that take place by 31st December 2016, is no longer a temporary arrangement but a permanent one.
Those who applied for the Title Deeds under the provisions of the ‘trapped buyers’ law should no longer worry that they would be unable to claim the 50% reduction in their Property Transfer Fees if the transfer does not take place by 31st December 2016.
The Finance Ministry announced that the 50% reduction is now permanent, and that the law implementing the change, ‘Land and Surveys Department (Fees and Rights) (Amendment) (No. 2) Law’, was passed on 14th July 2016 at a plenary session of the Cyprus parliament.
The Ministry said that the generous and permanent reduction in property transfer fees aims to boost additional growth in the construction industry and attract new investments from both the domestic, and the foreign markets.
Read more on the website ServPRO.