Special benefits for buyers of properties in Cyprus

After a long debate, the Parliament of Cyprus approved a new law on the payment of the transfer of rights to real estate, which came into force on 2 December 2011. It implies exemption from the registration fee if the property is subject to VAT or payment of only 50% if there is no VAT. The law will be in force until the end of 2014. Thus, the new bill is intended to give an additional incentive to those wishing to become owners of a house in Cyprus.