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Transfer fee tax incentive extended until December 2012

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Transfer fee tax incentive extended until December 2012

Transfer fee tax incentive extended until December 2012

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.
Transfer fee tax incentive extended until December 2012

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