Latest news reports says Cyprus Government abolished or reduced the property transfer fees. According to a report in Stockwatch, the house of representatives (Cypriot MPs) voted unanimously to abolish property transfer fees for a period of six months. Property transfer fees will be reduced by 50% for those who do not pay VAT when they buy their house. Also, for those who pay, no transfer fees will be payable.
One thing is not clear; status of existing buyers. Whether this is applicable only to future purchases or not..
(Ref: Cyprus Property News 3/11/2011)
