Tax Rates 2016 - Cyprus Immovable Property Tax Savings

September 1, 2016 ProACT Sam Orgill

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

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

2015

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

2015 are now being issued with the discount applied

2017

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.

Sam Orgill

ProACT Partnership - Tax Saving Experts

www.proactpartnership.com info@proactpartnership.com

TEL: +357 26 819 424

TAX - BUSINESS - WILLS & ESTATES - IMMIGRATION - PROPERTY SERVICES

ProACT Private Client Expatriate Advice Services for professionals, business and the retired

living and working abroad, relocating overseas, investing offshore.

For EU Brexit for Expats Updates Register and subscribe to our free newsletters click here

ProACT Partnership Expat Experts will keep you informed. Click Here to Register

Along with other articles for Expats Living and Working Abroad.

Share the news - forward to a friend If the article is helpful, please read more at www.proactpartnership.com/blog

Click Here to join our mailing lists for regular updates