Property transfer fee reduction

THE GOVERNMENT intends to promote a regulation for the reduction of the property transfer fees by 50%, which had been previously announced by the Cyprus Interior Minister but was not promoted due to objections of the troika, within the framework of the bill for the single property taxation.

In statements on his way out of the Cabinet meeting, Interior Minister Socrates Hassikos said it was considered that the draft law on the single tax is better to be submitted to the Cabinet at its next meeting, next week, indicating however that this does not mean that it will be abandoned.

“This bill and the reduction of transfer fees by 50%, an announcement that had been made by the Interior Minister but had been rejected by the troika, are going to be implemented with the agreement of the troika”, he added.