On the 22nd of February 2021, the House of Representatives passed a law levying a 0.4% tax on all sales of immovable property, the proceeds of which to go toward supporting Greek Cypriot refugees.
The law provides for a tax on any sale or other type of transfer of land and real estate.
In addition, the law covers the transfer of shares in a company where that company owns immovable property (or whole or in part) or where the transfer of the shares results in the buyer taking control of the corporation or exploiting the immovable property in question.
The levy is charged and payable by the seller (transferor) of the property and or/shares of a company holding real estate.
The legislative proposal aims to compensate Greek – Cypriot refugees for their inability to possess, have access to, or otherwise gainfully use their land in the north.
The funds raised go into a fund managed by the Central Agency for the Equal Distribution of Burdens, the state agency tasked with assisting refugees of the 1974 war.
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