Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the purchaser. This can be done as soon as the relevant Government Authority has issued the title deed and the purchase has been completed. The Transferee is responsible for the tax payment. The following fees are payable for the registration of a transfer of immovable property on the market value of the property according to the valuations by the Land Registry Office
|Value of Property
|Transfer Fee Rate
|UP TO 85.430
|85.431 – 170.860
Immovable Property Tax is levied on the market value of the property as at 1st January 1980 and it applies to the immovable property owned by the taxpayer on 1st January every year. The annual immovable property ownership tax is based upon the value of the property, as it is shown on the table below:
|UP TO 170.860
In the case of property transferred to a family company, transfer fees are refundable after five years if the property remains in the company and the shareholders remain the same.
In the case of property transferred from a family company to the shareholders or to their relatives up to third degree relation, one nominal fees are payable.
Transfers of immovable property from a company to a company as part of reorganizations are exempt from transfer fees.
On mortgaged loans there is 1%.
Transfer of existing mortgage from one lender to another is only Euros 50.