Introduction of levy on the transfer of any immovable property or on the transfer of shares in a company that owns immovable property in Cyprus.
On the 22.02.2021, it was published in the Official Gazette of the Republic of Cyprus Law No. 12(I)/2021, amending the Central Agency of Equal Distribution of Burdens (Establishment, Objects, Responsibilities and other related matters) Laws of 1989 to 2019, by introducing a levy at a rate of 0,40% on the value (purchase price) of any transfer of immovable property situated in the areas where the Cypriot Government exercises effective control. Pursuant to the law, the levy is payable by the seller of the immovable property. The levy applies also in the event of transfer of shares of a company which owns immovable property, provided that the said transfer of shares results in the buyer of the shares taking control of the company.
The purpose of this law is to compensate refugees for their inability to possess, have access to, use or take advantage of their properties situated in the occupied areas of the Republic of Cyprus.