Advertisement

Stamp Tax reduced North Cyprus

A short-term reduction of stamp duty on property purchases, was revealed by Cyprus Today in February, aiming to “shock boot” the real estate sector, has now entered into force.
The Interior Ministry announced that the temporary measure would apply to applicants to the Land Registry between 1 April and 31 August 2014.
First time buyers of a new property, which is not yet registered, pay only 1 percent of valuation, while first-time buyer of a resale property will pay 3 percent.
The discount also applies to the builder who gets building permit before 31 August and complete construction within two years.

stamp

About Sophia Söderholm 2638 Articles
At the age of ten Sophia moved from Sweden in 1998 and has since lived in several locations around the world including Spain, and has been residing in North Cyprus for four years now. Her educational background is in marketing, hotel management and real estate, and she now works as a real estate agent and is editor in chief for New Cyprus Magazine. If you any questions for Sophia, please write to: sophia@newcyprusmagazine.com.