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Cyprus Government Abolishes Property Tax Read More
Reduction on VAT - for new
build properties.  Read More

Cyprus Property News 


11/02/2017 -Tax News


15/12/2016 - Cyprus Naturalisation by Investment
14/09/2016 - Revised Scheme for Granting Cypriot Citizenship
15/07/2016 - Parliament cuts property tax by 75%
07/03/2016 - Property Sales Surge by 54%

Property sales recorded a large increase in February 2016, boosted by low interest rates and by base effects. 
According to official data by the land registry, deeds of sale submitted to the land registry in February 2016 reached 501, the highest level since May 2014, from 325 in February 2015. This corresponds to an increase of 54%s.  

> Full article



24/02/2016 - Building Permits Up after six years

A clieBuilding permits recorded a marked increase in 2015 for the first time since 2009, according 
to new data.  According to Cystat, the area of building permits increased to 881.1 mn square meters from 784.9mn square meters in 2014

> Full article

14/09/2015 - Vindication to "enclaved" buyers w/ title deeds bill vote

A client of of consensus has been developed by the parliamentary parties for the draft bill on “enclaved” buyers, with the parliament set to vote on the bill on Thursday. 

At Thursday's session an amendment is expected to be submitted by the DIKO party, which will allow owners to pay transfer duties in instalments.  AKEL said that it would be willing to submit a proposal for the bill to protect buyers, who have paid more than 80 per cent of what is due for their property, from divestitures.

Parties said that they were satisfied with the provisions of the draft bill to protect buyers, who fully paid off their debt or are consistent in their payments without having received a title deed, from divestitures.  > Full article

015 - Real Estate Market To Get a Boost
18/08/2015 - Amendments to the Tax Law in Cyprus

In an effort to improve the tax system of Cyprus and make it more attractive to both the local and international business community, the Government of Cyprus proposed a major tax reform. Most of the bills relating to this tax reform were voted to laws by the House of Representatives in July, while additional changes will be reviewed by the House of Representatives in September 2015.

The most significant changes are summarized below

A. Income Tax Law

Notional interest deduction (NID) on equity

It is now possible to get a notional interest deduction on funds introduced into a Cyprus tax resident company in the form of shareholders equity, “new equity”, which funds are used for the operations of the company. “New equity” is defined as share capital and share premium to the extent that it has actually been paid in cash or in kind (for the latter at market value), introduced into the business after 1 January 2015. It does not include revaluation or any other reserves converted into share capital. > Full article

26/06/2015 - Real Estate Market To Get a Boost

New regulations promoted by the government for the real estate sector are expected to boost the market and increase the confidence of foreign investors, market players believe. 

Minister of Internal Affairs Socrates Hasikos said the government will proceed to a reduction of transfer fees by 50%. At the same time, a bill is submitted to free up owners who hold no property title from developers. Mr. Hasikos said yesterday that a new plan for urban amnesty for minor irregularities in buildings is in the making. 

The government’s moves are an attempt to reinvigorate the property market, which has been in deep recession since 2008, with a significant reduction in real estate prices and transactions. 

The President of the Association of Real Estate Agents and chairman of the board of registration of real estate agents Marinos Kinegidis said that "we welcome the initiative of the interior minister Socrates Hasikos to issue title deeds for the "enclaved" owners and his initiative to reduce transfer fees by 50%”. 

Regarding the issue of title deeds, Mr. Kinegides said that it will help the real estate market because the market today is based mainly on foreigners who only seek properties with title deeds. 

It will also help homeowners who by ensuring titles will be able to apply for a loan. 
> Full article


24/06/2015 - Title Deeds Regulated

Thousands of “trapped” property owners, without titles, will be able - based on a bill adopted today by the Cabinet - to secure a title if they meet certain criteria. 

As Interior Minister, Socrates Hassikos explained at the end of today's session, “the bill covers thousands of citizens who have paid the full amount due for a house or flat purchase but could not get a title deed either because the seller (land developer) had mortgaged the property to the bank, or because the state itself could not proceed with the transfer due to the seller's debts to the state such as VAT, income tax, social insurance etc”. 
He noted that in both cases the result was all those who fully paid for the property bought could not get title deeds. 

He stressed that with this bill all these buyers will be guaranteed, will be able to ensure ownership of the property with title deeds and will be able either to sell their property or to transfer it or to mortgage it. 

According to the interior minister, the bill also covers those who paid a large percentage of the purchase amount, 80% or 90% for example, and who -provided they have the remaining money - will be able to deposit the rest into a special account and through the director of the Land Registry will be able to secure the title deed.
> Full article


18/06/2015 - Eurogroup: Cyprus Back on Track

The Eurogroup welcomed today the institutions’ conclusion of the sixth review mission that Cyprus' adjustment programme has been brought back on track. 

In an announcement after their meeting in Brussels, the Eurogroup states that “the fiscal performance continues to be solid, the debt outlook has improved, and structural reforms are progressing in several areas. We note with satisfaction the signs that confidence is strengthening, the economy is emerging out of recession, and the stabilization in the labour market, although unemployment remains high. 

Reforms in the financial sector have progressed. After repeated delays, the legal framework establishing a new foreclosure procedure has entered into force. A comprehensive reform of corporate and personal insolvency laws has also been adopted. These developments have marked an essential step towards addressing the very high level of non-performing loans, which is a drag on restoring growth and job creation in Cyprus. 

To sustain the progress achieved so far, we reiterate the importance of ensuring a full, swift and effective implementation of these frameworks. Further action to effectively tackle the very high stock of arrears remains a key priority, with important ground to cover in the coming months, notably facilitating the sale of loans and ensuring that title deeds are transferred without delay to property buyers. 

We call on the authorities to lend renewed momentum to the implementation of the fiscal-structural and structural reform agenda, including privatisation and public administration reform, in order to improve economic growth prospects and strengthen public finances, while safeguarding the protection of the most vulnerable groups.
> Full article


21/04/2015 - Arrivals: British Offset Russians

 Tourist arrivals in March 2015 recorded a significant increase for the third consecutive month. 
According to Cystat data released on Tuesday, arrivals of tourists reached 97.479 in March 2015 compared to 77.533 in March 2014, recording an increase of 25,7%. In February 2015 the increase was 12.1%.

An increase of 35,5% was recorded in tourist arrivals from the United Kingdom (from 30.368 in March 2014 to 41.149 in March 2015), 50,0% increase from Greece (from 7.038 to 10.557) and 14,6% increase from Germany (from 6.496 to 7.443 this year).  On the other hand a decrease of 3,4% was recorded in tourist arrivals from Russia (7.855 in March 2015 compared to 8.134 in March 2014). 

> Full article


12/06/2015 - Property Correction nearing Bottom
13/06/2013 - No in Rent Reduction Through Legislative Regulation - Problematic Tenants
More Articles

12/07/2013 - CYPRUS TAX NEWS - Immovable Property Tax !!!