Reduction in taxes on property transfers
On 8 June 2020 a package of measures intended to regenerate the economy in the wake of COVID-19 were announced.
These measures included:
- a reduction in the stamp duty of the acquisition of immovable property (residential) from 5% to 1.5%; and
- a reduction in the final withholding tax on the sale of immovable property (residential) from 8% to 5%.
These reduced rates will be applied to the first eur400,000 of the value of the property, on transfers which are effected before 1 April 2021 and provided that the final deed of transfer is given to the Commissioner for Revenue by the 30th April 2021.