The House of Representatives passed earlier this month a new law levying a 0.4% tax on all sales of immovable property, the proceeds of which will go toward supporting Greek-Cypriot refugees.

The legislative proposal aims to compensate refugees for their inability to possess, have access to, or otherwise gainfully use their land due to the Turkish invasion and occupation of the northern third of the island in 1974.

It provides for a levy on any sale/transfer of real estate, as well as on the transfer of shares in a company where that company owns immovable property or where the transfer of the shares results in the buyer taking control of the company or exploiting the immovable property in question.

The levy is payable by the seller of the property.

The funds raised will go into a fund managed by the Central Agency for the Equal Distribution of Burdens, the state agency tasked with assisting refugees of the 1974 war.