Cyprus Government Approves Payment of Contribution of 0,4% on All Real Estate Sales

On February 11, 2021, The House of Representatives of the Republic of Cyprus unanimously passed a Law levying a 0.4% contribution on all immovable property sales in order to support Greek Cypriot Refugees.

The Law was published in the Official Gazette of the Republic on February 22, 2021 (Law 12 (I)/2021 No. 4808, 22.2.2021).

Accordingly, a 0.4% contribution will be paid by the seller and be applicable to sale of all real estate as well as transfer of shares of any company that owns real estate and this transfer will result in the acquisition of control of the company or the possession or exploitation of real estate by the buyer of the shares.

The funds collected will go to the State Central Agency for Equal Burden sharing, who will determine the criteria for financial support of the beneficiaries.

For further information and clarifications please contact us via email at info@zambartaslegal.com or via telephone +357 22262108