Tuesday Tax: 2 Ways to Reclaim Tax on Cyprus Property from the Tax Saving Expat Experts
Have you got your title deeds finally in the last two years but paid more in transfer taxes than you planned ?
Have you sold a Cyprus Property and paid more capital gains on a valuation that didn’t match up?
Was your Immovable Property Taxbill very high?
The ProACT Tax Saving Expat Experts see this issue every week.
We Saved a Client €3500 Capital Gains Tax
Just this week our Tax Saving Expat Experts refused to accept a Land Registry demand for capital gains tax. We challenged the valuations and assessment directly and by applying got an immediate capital gains tax reduction and tax Saving of €3500
Not all property transfers are handled with the same attention to tax saving principles. It could be that you paid Capital Gains on a valuation that could be challenged.
ProACT Partnership Tax Saving Expat Experts offer a free review to assess whether you could claim a capital gains tax rebate.
Reclaim Immovable Property Tax (IMPT)
Have you got an unclaimed tax rebate? You may be entitled to a tax rebate of IMPT ?
If you have received title deeds in the last 5 years and not received an IMPT rebate you could be eligible to by a tax reclaim.
The Cyprus IMPT Property Tax is abolished in 2017.
After 2014 all property owners were responsible for IMPT even if they had not received title deeds.
Before 2014 the Title Deed holder was liable for IMPT. So when your developer delayed issuing title deeds to you, he was still liable for IMPT. In turn they use a contract of sale that required the buyer to pay the amount of IMPT to them. Often this paid is made when title deeds are issued.
Having paid IMPT to a developer, cyprus property owners can claim a tax rebate for each year since they brought the property.
This could total thousands of Euros remaining as unclaimed IMPT tax rebates.
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