By a decision of the House of Parliament, the transfer fees have been reduced to 1/2. A transfer subject to VAT will be exempt from the above transfer fees. For all other properties transferred by the end of 2016, the fees charged by the Department of Land and Surveys to the acquirer will be 50% less than existing charges.
The current charges/fees are:
• 3% for properties with market value up to €85,000,
• 5% for properties with market value above €85,000 up to €170,000,
• 8% for properties with market value over €170,000.
Transfer fees are reduced by 50% on all property sales taking place until 31/12/2016. Such reduction will not be applicable in case of a re-sale of property sold by public auction.
Changes effected:
- the fee payable for transfer of properties from a parent to a child has been abolished.
- the fee payable in case of exchange of property of equal value has been abolished.
- the right to reimbursement of fees in case of transfer of properties in relation to family-owned companies (5 years after such transfer has been effected, the owners of such company are still the same) has been abolished.
- The fee payable on transfers of properties for cases of donations up to third degree relations has been re-adjusted to taking as the basis the market value as at January 1, 2013 (with the rate of 1%oo).
