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Yearly Archives: 2011

Cyprus property tax change

Changes to property law on Cyprus that take effect this month December 2011 means that fees will be reduced on property transfers for the next six months.

In a move aimed at stimulating sales on the beautiful Mediterranean island the reduction will only apply to the first sale of a property where the contract is dated and deposited within the period.

It means that those who pay VAT on their house purchase will now not be liable for transfer fees and for those who do not pay VAT on their purchase, property transfer fees will be reduced by 50%, as long as they are within this window of opportunity.

This should inject some life into the Cyprus property market as our buyers have been waiting in the wings for this law ever since it was first heard about, they should now be happy to purchase during the next six months.

There are also provisions in the law to prevent abuse of the tax break and to stop buyers withdrawing contracts of sale deposited at the Land Registry and then altering dates before re-submitting.

Property Transfer Fees are based on the Land Registry’s assessment of the market value of a property at its date of purchase. However, using its discretion to reassess the amount of Transfer Fees payable, the Land Registry relies on its own historical data in a way that cancels out any transfer tax benefit of a bargain buy, which can result in double the expected amount being levied.

Property prices in Cyprus have been muted in 2011 with the Royal Institution of Chartered Surveyors Cyprus Property Index showing that foreign buyers in particular have deserted the market. This led to a low number of transactions and in turn resulted in fewer local people entering the market, but on the positive side, this has produced many bargain buys that will be snapped up very quickly now to use this window of opportunity.

Thinking about buying, now is the time for you to arrange your itinery to view a portfolio of very special bargain properties.

Contact us today then settle back for us to glide you through the process.

See more news about this here Cyprus Property Tax Changes

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Cyprus gains more interest from Investors   yes

 

After some months after being out of the top ten countries for overseas property investors, Cyprus is back in at the number seven spot in the October ‘Top of the Props’ chart published by TheMoveChannel.com.

CYPRUS’ popularity as a destination for overseas property investors has increased according to the October ‘Top of the Props’ chart published by themovechannel.com, which looks at the number of on-line enquiries for property in different countries around the world.

The most popular investment destination for overseas property investors in October was Spain, with the USA in second place. These were followed by France and Portugal, in third and fourth places, followed by Italy, Turkey and Cyprus. The remaining three places are taken by Thailand, Bulgaria and Brazil.

 

 

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Cyprus  abolishes property taxes

In a measure to designed stimulate growth in the Island’s property sector by reducing the cost of home ownership, Cypriot MPs unanimously agreed to abolish or reduce Property Transfer Fees at a meeting of the House of Representatives earlier today.

EARLIER today the House of Representatives voted unanimously to abolish or reduce property transfer fees for a period of six months, according to a report in Stockwatch.
 
For those who do not pay VAT when they buy their house, property transfer fees are to be reduced by 50%.
For those who pay VAT on their house purchase, no transfer fees will be payable.
The House also approved an amendment to the bill enabling those who submit applications under the provisions of the Town Planning Amnesty to enjoy the same benefit.
 
The draft law will be effective for six months, until the Island’s Government submits a full proposal to the House.
 
Property Transfer Fees are based on the Land Registry’s assessment of the market value of a property at its date of purchase. However, using its discretion to reassess the amount of Transfer Fees payable, the Land Registry relies on its own historical data in a way that cancels out any transfer tax benefit of a “bargain-buy”, which can result in double the expected amount being levied.
 
There have been many reports of the Land Registry bumping up the perceived value of properties in order to extract higher Transfer Fees to help boost state coffers. This practice, which has been labelled “State Sponsored Fleecing” in the media, has done nothing to enhance the reputation of the Island.
 
What has not been made clear in today’s announcement is whether the law will apply retrospectively, i.e. to existing buyers who have already deposited their contracts of sale or paid VAT, or whether it will only apply to future purchases.
 
Courtesy Cyprus Property News

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