Cyprus Introduces New Contribution on Immovable Property Sales

According to recent reports, Cyprus published legislation on 22 February 2021 that provides for the introduction of a new contribution on immovable property sales. The contribution will be levied at a rate of 0.4% on sales of:

• Immovable property situated in Cyprus; and
• Shares in a company owning immovable property situated in Cyprus where the buyer takes control of the company, with the contribution based on the value of the property.

The contribution is payable by the seller. Additional d…