Tax Saving Surprise - Very Moveable Property Tax Savings

Very Moveable Property Tax Savings

Confirming the Cyprus Property Taxes and Savings for 2016 and More

In 2016 we have the culmination and possible resolution of Cyprus Property Tax changes - but not as you imagined, or was proposed in 2016, 2015 or 2014. A fierce debate has raged in parliament and delayed voting until well into July, the outcome of the long term property tax plan is a further sign of the Cyprus government intention.

The very Movable Property TAx solution mean big i tax savings for expats owning overseas property in Cyprus. 

You will be astonished at the changes in annual property taxes and title deed taxes.

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IMPT Property Tax Saving Summary 2015 -2016 – 2017

Adopting the philosophy: If you cannot live with it, change it, if you can’t change it, stop doing it.

The government stood back and took a different perspective cutting through all the debates.

The attempt to use 2013 Rateable Values for IMPT is abandoned.

The taxable Bands do not change.

Immovable Property Tax Savings for each year are as follows:

2016

2016 IMPT based upon 1980 Rateable Values

75% reduction in IMPT tax payable for 2016

2016 overpayments made to date will receive the discount and receive a tax credit or cheque refund

2015

25% tax reduction in IMPT retrospectively applied to 2015 IMPT paid

2015 receipts are now being issued with the discount applied.

Any rebate for 2015 can be credited to pay 2016 IMPT – effectively no payment will be due for some.

2017

2017 IMPT is ABOLISHED – IMPT to be no more

Penalties are still applied for late payments of IMPT, any 2015 payments after 31/12/16 will suffer a 10% tax penalty.

Property Transfer Tax

The 50% reduction in Property Transfer tax payable in 2016 has been extended indefinitely. So any applications for title deeds will still get the 50% tax saving if issue is after the end of year.

In addition those receiving title deeds now have the additional tax saving option of a further 10% for early payment.

Alternatively, the payment of transfer tax can be deferred by up to 12 months without penalty.  If Property transfer tax remains outstanding beyond 12 months then a 10% tax penalty is added.

This change allows those trapped in Cyprus property ownership to get their title deeds, then sell the property, using the funds to pay the Transfer tax at the sale.

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Sam Orgill

ProACT Partnership - Tax Saving Experts

www.proactpartnership.com

info@proactpartnership.com 

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