Property Transfer Tax Payment In Cyprus When Title Deed Issued
From April a revision applies to payment of Property Transfer Tax on issue of Title Deeds is offered by the Land Registry. This gives Tax Savings over 50% in 2016 to those that apply now.
Until now the Transfer tax was paid on title deed issue or the transfer would not proceed. This caused many people to postpone issue of title deeds and deprived the Cyprus Tax office of Property Transfer Tax Revenue.
Changes allow you to spread payment and make tax savings over 50%
The new procedure allows the Property Transfer Tax Payment:
1. does not have to be paid at time of issue of title deeds
2. payment can be spread over 12 months
3. a 10% discount is available if Property Transfer Tax is paid early
We know people have delayed getting title deeds , because of the cost of the property transfer tax.
Now this cost can be spread or deferred. With repossession of mortgages in default now available to banks, Contract of Sale holders should secure their property ownership by obtaining title deeds.
Law changes in September 2015 allow Title Deed applications to be made to the Land Registry - without reference to developers or vendors. This method allows the buyer big savings by avoiding unfair 'administration' charges by developers to buyers.
In addition there is a 50% reduction of Property Transferred tax for transferrs made in 2016. You can make this tax saving by using the new rules for direct Title deed issue from contract of sale. Title deeds will be issued within 6 months using this method.
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