Amendments to the Department of Land & Surveys Law and the Stamp Duty Law 2015

On 11 June 2015 the Cyprus Parliament approved amendments to the Department of Land and Surveys (Fees and Charges) Law (Cap.219) and the Stamp Duty Law (19/1963) providing for the abolition of fees in certain cases.

In particular, the amendment of the Department of Land and Surveys (Fees and Charges) Law provides that no fee shall be imposed on the amount of the initial loan facility contract:

• in cases where a mortgage on an immovable property is cancelled and a new mortgage is created on the same property for the same purpose on the same day, regardless of whether it is in favour of the same or any other mortgagee.
• in cases where a mortgage on an immovable property is cancelled and a new mortgage is created on the same property for the same purpose on the same day in favour of the same mortgagee and the amount of the new mortgage, excluding any interest, is less or equal to the amount of the mortgage that has been cancelled.
• in the case of transfer of a mortgage, for any amount that remains unpaid on the date of the transfer.

Accordingly, under the amendment of the Stamp Duty Law, no stamp duty is payable in cases where the mortgage on an immovable property is cancelled and a new mortgage is created on the same property for the same purpose on the same day, regardless of whether it is in favour of the same or any other mortgagee.