Property Transfer Fees


Property Transfer Fees Reduction in Property Transfer Fees  Now Permanent

It was announced today 05/08/2016 that the 50% reduction of transfer fees that would have expired at the end of the year is now permanent. This was passed into law in the middle of this month, this should hopefully bring in new investment and help locals who purchase property.

Criteria for granting immigration permit

Criteria for granting an Immigration Permit
within the scope of the expedited procedure
to applicants who are third country nationals and invest in Cyprus

2nd Revision Feb 2016

Revised requirement regarding the new, quick procedure for acquiring Permanent Residency in Cyprus to third country nationals who invest in Cyprus (Regulation 6.2)

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There is evidence of growth in building construction It is recorded that the number new homes being built on the island during the second month of 2015 and, the number of building permits approved for homes increased over the second month of 2014.

Approved permits issued in February 2015 was 401 compared with the 409 issued in February 2014; a drop of 2 per cent, according to figures released yesterday by the Statistical Service of Cyprus. Compared with 2014, the total area of these permits increased by 26% to 97,685 square meters from 77,633, the value increased 6% to €108.9 million from €102.9 million. During this period, building permits were issued for: Homes – 270 shops, factories etc – 82 permits Civil engineering projects – 14 permits Division of plots of land – 24 permits for roads – 11 permits

New homes 270 permits approved in February provided for the construction of 384 new homes comprising 123 single houses and 261 multiple housing units (such as apartments, semis, townhouses and other residential complexes). Increase of 68% compared with January 2014 when building permits were issued for the construction of 229 new homes.

Repossessions bill delayed to clear troika funds

A vote on two bills to suspend the implementation of the repossessions legislation will probably take place after 15 December by which time Cyprus should have received the next bailout tranche.

THE MAJORITY of parliamentary parties decided on Monday to press ahead with two bills suspending the entry into force of repossessions-related legislation – but crucially omitted to fix a date for their move. DIKO MP and House finance committee chairman Nicolas Papadopoulos confirmed the two items would be forwarded to the House plenary for a vote. But the parties will hold back until after the finance minister has ‘informed’ them as to when the so-called insolvency framework is to be presented to them, he said. Papadopoulos has written to the finance minister requesting that information. “Pending the minister’s explanations, the House finance committee will then decide on the date of forwarding the bills to the plenum,” the DIKO leader told reporters. Two parties, AKEL and EDEK, have submitted bills, the first to suspend implementation of the foreclosures law until July next year, the second to suspend it until the beginning of the year. It’s understood that a possible suspension of foreclosures legislation in the first half of this month would have complicated the release of the next bailout tranche from international creditors. Omitting to set a date for a vote on the two contentious bills likely means that no such vote will take place prior to the disbursement of the next aid tranche – due by December 15. At around that time parliament will instead be busy reviewing and voting on the 2015 budget. In effect, the parties’ decision on Monday seems to have given the administration a free pass by de-linking the aid tranche to the timeline of the so-called insolvency legislation package. Whereas come the New Year opposition parties may yet move to delay enforcement of the foreclosures law – thus maintaining a semblance of consistency in the eyes of the public – it would be immaterial as far as the bailout tranche goes. Opposition parties want to suspend the foreclosures law, arguing that as it stands borrowers are left without a safety net. That safety net is the insolvency framework – comprising six bills – the effort being to protect people unable to keep up with mortgage payments because of the downturn and not those who deliberately failed to do so. The parties’ insistence appears counter-intuitive, given that repossessions of primary residences will not be enforced before the beginning of 2015 when the insolvency framework comes into force. Papadopoulos however stuck to his mantra that, as long as insolvency legislation is absent, the system is gamed in the banks’ favour, leaving delinquent borrowers at the mercy of lenders. “They [banks] are already threatening borrowers with mass foreclosures, wanting to pre-empt the enactment of the insolvency framework,” he said. Last month Finance Minister Harris Georgiades warned MPs to avoid disrupting the island’s bailout programme by passing legislation that was incompatible with the terms. Back in October eurozone finance ministers endorsed in principle the disbursement of the next aid tranche, finding that Nicosia has amended laws on foreclosures and forced sales of mortgaged property in line with a deal with its international creditors. But the Eurogroup also added that the payout would be recommended “so long as this situation remained unchanged.”

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