Buyers in cyprus can save under new transfer fee waiver

The abolition of transfer fees will save buyers thousands of pounds off a new property in Cyprus under a Change in Cypriot law.

The Change, which last for six months only, allows those who pay VAT when buying a property to avoid transfer tax, saving up to 8% on its value. Those who do not pay VAT on their property will save 50% on the transfer fee.

Traditionally Cypriot law requires a buyer to pay a property transfer fee at completion but, in a bid to stimulate growth in the island’s property market, the fees have been waived until June 2012.

Jonathan Salsbury, UK sales manager for Cybarco, a leading luxury developer in Cyprus, said it means a golden window of opportunity for buyers.

Source: PropertyWIre.com