On December 15, 2012, WorldWay Investment Immigration Agency received the latest news from a lawyer in Cyprus that the Cypriot government has approved the extension of the transfer fee exemption policy for home purchases for another two years, until the end of 2014. This news means that it will save at least 140,000 in costs for investors in Cyprus.
The previous transfer fee exemption policy was issued by the Cypriot government in November 2011, stating that investors purchasing their first residential property would not need to pay transfer fees as long as they paid the value-added tax; for properties that do not require value-added tax, only half of the transfer fee needs to be paid, with transfer fees ranging from 3% to 8%. However, the exemption policy was set to expire at the end of this December.
As early as mid-November this year, Dr. Winner Xing, President of WorldWay, proposed on behalf of the Chinese immigration community during a meeting with Mr. Pantelis, President of the Cyprus Real Estate Association, to suggest that the Cyprus Real Estate Association approach the Cypriot government to request an extension of the property transfer fee exemption policy. President Pantelis stated that he would present this suggestion from WorldWay as a common proposal from the Chinese immigration community and the Cypriot real estate industry to the Cypriot government.
The successful extension of the transfer fee exemption policy until the end of 2014 not only aligns with the interests of investors but also promotes the development of the Cypriot economy. As a leader in Cypriot investment immigration, this is another proactive policy adjustment by WorldWay following the successful reduction of the immigration approval period from 6 to 8 months down to 2 months for Cyprus projects. It is believed that this series of policies will be more attractive to Chinese investors.
Details regarding the extension of the transfer fee exemption policy will be announced later.
