The meeting of the Association of Real Estate Development – Member of OEB – with the Commissioner of Taxation, Mr. Sotiris Markidis, was completed in a positive atmosphere and with substantial results, during which there was a convergence of positions in relation to the directive concerning the certification of signatures in real estate contracts.
The meeting held on Tuesday, March 10, was attended by the President of the Association, Mr. Yiannis Misirlis, the Vice President, Savvas Georgiadis, as well as the General Manager, Ms. Mersina Isidorou.
During the meeting, the President of the Association highlighted the impact that the directive that came into force on January 1, 2026, according to which, all contracts submitted for the purpose of issuing tax exemption certificates – which are required for the transfer, sale or assignment of real estate – should bear certified signatures, may have on the real estate market and on the competitiveness of Cyprus.
As pointed out, the implementation of the Directive creates significant practical and legal difficulties, especially in cases of international transactions, as the certification of signatures by Cypriot diplomatic missions abroad is often difficult and time-consuming. At the same time, concern was expressed that its implementation could lead to delays in transactions, increased bureaucracy and additional costs for citizens and investors.
For his part, the Commissioner of Taxation expressed his positive willingness to review the issue and to seek the most appropriate procedures and practices, with the aim of ensuring the proper functioning of the market and the activity of the sector. At the same time, there was a positive response to the Association’s proposal that the submission of the sales contract to the Land Registry is considered sufficient evidence for control purposes, without requiring a certified signature.
The Real Estate Development Association reaffirmed its readiness to actively contribute to the formulation of a workable process that will ensure the legality of transactions, without creating disproportionate obstacles to the functioning of the real estate market and investment activity.
