On 1 March 2019, the House of Representatives voted on amending
the provisions of the tax legislative framework regarding debt
restructuring transactions involving immovable property in
Cyprus.
The legislative amendments were published on 15 March 2019 in
the Cyprus government gazette and are set out below. The amendments
became effective as from the date of their publication.
Amendment of the definition of Borrower to include related
persons
The debt restructuring provisions allow for certain tax relief
incentives for transactions effected by 31 December 2019, which
involve the transfer of Cyprus immovable property by a borrower
and/or debtor and/or a guarantor to a qualified lender.
