Cyprus-Forum.com

[friends474]

Hi guys, i need your help i have bought property in cyprus, and i stil havnt signed all the paperwork, i have heard something about tax on property coming in in july?
is this true? and if so does anyone know the exact date?
thanks

[pantheman]

Hi guys, i need your help i have bought property in cyprus, and i stil havnt signed all the paperwork, i have heard something about tax on property coming in in july?
is this true? and if so does anyone know the exact date?
thanks

The tax you have heard about is VAT on plots (Oikopeda) sales.

You have nothing to worry about. It comes into force on 1st July 2008.

Given that the Government has still not advised how it will be applied and to what land sales exactly, then I would be very surprised if it gets implemented on the first.

Either way, it will no affect you.

goodluck

[friends474]

thanks for the quick reply, i hope this is the case this will give me the extra time i need to get the paper work sorted!

[Tim Drayton]

There is a fee you will have to pay to the government when you get your title deeds. With the current backlog of applications for title deeds to be issued, that won't be any time soon!

These are the rates, as a percentage of the price paid for the property:

VALUE OF PROPERTY * RATE %
Up to CY£50.000 3%
CY£50.000 to CY£100.000 5%
Over CY£100.000 8%

see:
http://www.cypruspropertiesforyou.co.uk ... cyprus.htm

[friends474]

Hi tim, is this a separate fee i will have to pay as well as the tax on property?

[Tim Drayton]

Hi tim, is this a separate fee i will have to pay as well as the tax on property?

As far as I am aware, the two things that have to be paid are:

1. Stamp Duty (on the agreement)

and

2. Transfer Fee (when the title deeds are issued).

There is something called the Immovable Property Tax which only applies to property with a very high value.

I am no legal expert, so I could be worng.

[pantheman]

Hi tim, is this a separate fee i will have to pay as well as the tax on property?

Hello ,

check this link for the information you require.

http://www.fsbproperties.com/cyprops.php?content=3

Cheers

Just wanted to say, that this info SHOULD have been explained to you by your agent / developer and/or definately your solicitor. makes one wonder !

[nhowarth]

Hi Sharron,

You'll find all the latest information regarding property taxes, transfer fees, etc on my website at: http://www.cyprus-property-buyers.com/l ... ations.htm

I trust that you're using an independent lawyer and not one recommended by the developer?

Cheers,