The Cyprus government has extended the property transfer fee reduction/suspension scheme, which was due to expire in June, until 31st December 2012. The changes apply to the first sale of a property, where the contract is dated and deposited at the Land Registry by the end of the year. Specifically:
- For those who pay VAT on their house purchase, property transfer fees are waived.
- For those who do not pay VAT on their purchase, property transfer fees are reduced by 50%.
Property Transfer Fees become payable at the issuance of title deeds, when the property is transferred to the purchasers name.