On July 14th 2016 a plenary session of the Cyprus parliament approved the “Land and Surveys Department (Fees and Rights),-Amendment No 2- Law” according to which there is a 50% reduction in Property Transfer Fees.
Currently the fees are as follows:
- 3% of the first €85,000 of the property value
- 5% of the next €85,000 and
- 8% of the amount over €170,000
Furthermore the following will be exempted from paying transfer fees:
- Transfers from parent to child
- Transfers involving exchanged real estate assets of equal value.
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.