Cyprus will not slash property transfer fees

Cyprus will not slash Property Transfers Fees this year, officials have confirmed.

After previously announcing that the levy could soon be cut by as much as 50 per cent for a temporary period, Cyprus Interior Minister Socrates Hasikos has now said that a discount will not occur this year. The possibility of a reduction, though, will still be considered as part of the "wider property taxation reform", notes Cyprus Property News, which will be ready by early 2015.