ARTICLE
3 August 2016

Reduction In Fees For The Transfer Of Immovable Property

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Elias Neocleous & Co LLC

Contributor

Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
In July 2015, a 50 per cent reduction of transfer fees on immovable property acquired between 16 July 2015 and the end of 2016 was announced, provided that the property was acquired on an arm's-length basis...
Cyprus Wealth Management

In July 2015, as part of a package of measures introduced in order to stimulate the real estate market, a 50 per cent reduction of transfer fees on immovable property acquired between 16 July 2015 and the end of 2016 was announced, provided that the property was acquired on an arm's-length basis and not under the foreclosure provisions of the Transfer and Mortgage of Immovable Properties Law. In July 2016 the reduction in transfer fees was made permanent by the Lands and Surveys Department (Fees and Rights) (Amendment) (No 2) Law.

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