TEMPORARY REDUCTION TO LAND REGISTRY TRANSFER FEES
The Government has announced that the previous decision taken to temporarily reduce the Land Registry transfer fees payable by TRNC purchasers has been extended until 31st December 2020.
In addition, the Government has taken a decision that the reduction shall also apply to non-citizens of the TRNC.
Therefore, the Land Registry transfer fees payable by purchasers on their first purchase of a residential property with a maximum internal area of 140m2 will be reduced from the normal rate of 3% to 1%.
On subsequent purchases, the Land Registry fees will be reduced from the usual rate of 6% to 3% for a property up to 300m2 in size and the Land Registry fees will be reduced from the usual rate of 6% to 4% for a property more than 300m2 in size.
We are in the process of contacting all clients who are in a position to take title to inform them of the change and to make the arrangements for the transfer of title.