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Sale of Immovable Property

The Parliament has passed a new law levying on a 0.4% tax on all sales of immovable properties. The imposition of this levy is intended to serve humanitarian purposes by supporting Greek -Cypriot refugees. The funds raised will go into a fund managed by the Central Agency for the Equal Distribution of Burdens.

In accordance with the amended legislation all transfers of immovable property as defined in the Immovable Property (Tenure, Registration and Valuation) Law Cap 224   and shares of a company which are not listed on any recognised Stock Exchange and that directly or indirectly owns immovable property, a tax of 0.4% will be paid by the seller of the property or shareholder. Read more…