Very Moveable Property Tax Savings - This article is Confirming the Cyprus Property Tax Savings for 2016 and More....... Immovable Property Tax (IMPT) and Municipal taxes are now due. Paid by the End of October for Discounts and and end to IMPT for Cyprus property owners
Even if you only dont have title deeds, you are responsible to pay IMPT on your Cyprus Property - but not for long.
Cyprus Property Tax Saving For Expats
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 solution mean big immovable property tax savings for expats owning overseas property in Cyprus. You will be astonished at the changes in annual property taxes and title deed taxes. Read the Full Article Very Movable Property Tax Savings
IMPT Property Tax Saving Summary 2015 -2016 - 2017
The attempt to use 2013 Rateable Values abandoned
The taxable Bands do not change
2016 IMPT based upon 1980 Rateable Values
75% reduction in IMPT tax payable for 2016
2016 overpayments to date will receive the discount and receive a tax credit or cheque refund
25% tax reduction in IMPT retrospectively applied to 2015 IMPT paid
2015 are now being issued with the discount applied
2017 IMPT is ABOLISHED – IMPT to be no more
Penalties are still applied for late payments of IMPT, any payments after 31/12/16 will suffer a 10% tax penalty.
Make a Will to Protect Overseas Property
Make a Will and Trust your family and friends to protect your assets on death. A Family Trust avoids Cyprus laws of succession. By creating a Family Trust today for Cyprus Property you could also make tax savings in capital gains, inheritance tax, IMPT and inheritance taxes on your death.
Look Forward – Plan Ahead
Overseas Property in Cyprus has become a better investment with lower property taxes in Cyprus. ProACT can offer help and guidance about the Movable Property Taxes for Expats . Asset Protection is about looking forward to make tax savings. ProACT expat experts offer tax saving for people living and working and investing abroad. Find out more at our website.
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