Amendments to the Department of Land & Surveys Law 2015

In an effort to attract new investments and promote development in the constructions sector, the Parliament approved an amendment to the Department of Land and Surveys (Fees and Charges) Law that provides for a 50% reduction of the transfer fees payable on the sale of immovable property and the registration of leases or subleases that shall take place until the end of December 2016. Please note, however, that the 50% reduction shall not apply in the case of a property resale due to liquidation.

The amending legislation also provides for:

• the abolition of any fee payable in the case of a transfer of immovable property from parent to child;
• the adjustment of the transfer fee regarding donations up to third degree of kindred using the estimation values of 1st January 2013;
• the abolition of the refunding of fees on immovable property transfers in cases of family companies after a period of five years;
• the abolition of the fee payable in cases of exchange of immovable property of an equal value; and
• the abolition of the right to reduced fees from a family company to a shareholder thereof.