The Parliament has approved the bill for the reduction of the property transfer fees by 50% which will apply to all property sales and registrations of leases or subleases that take place until 31 December 2016.
Moreover, the bill abolishes the transfer fees payable on transfers of property from parent to child as well as the fees payable when properties of an equal value are exchanged.
The aim of the revised law is to modernize the property tax system in Cyprus and to encourage economic activity in the area of real estate.
