Cyprus-Forum.com

[sueandsandy]

Hello

Is there anybody out there willing to answer my question?

[unique_earthling]

what question is that?

[Svetlana]

Ok, here is the theoretical answer to your question:

based on the Market Value of your property as at 1/1/1980, you will pay the following annual tax:

<£100,000 zero
£100,000 - £250,000 .025%
£250,000 - £500,000 .035%
£500,000 + .04%

that is to say, if your property had a Market Value of £120,000, you would pay .025% on £20,000, which is £5.

I say 'theoretical', because, I doubt whether your property was worth more than £100,000 in 1980, yet somehow your developer will expect you to pay this tax. Scam, scam, scam and er...scam!

Lana

[sueandsandy]

Thanks for the reply.

The Question was about IPT. We are looking at a property in Paphos valued at CYP £165,000. Another strange tax is, i think it is the Prop erty transfer tax if you are acouple buying the property it is cheaper than one person buying the property. Can somebody answer why?

[Svetlana]

IPT is not affected by how many people own it; but Capital Gains Tax and Property Transfer Tax are.


PTT

3% on first £50,000
5% on next 50,000
8% on the balance

The bands are doubled if the property is regsistered in more than one name. But I cannot answer 'Why' other than that this is Cyprus LOL!

Lana