Posts tagged immovable property tax
Title Deeds Developers & Reclaiming Immovable Property Tax
Title Deeds Developers & Reclaiming Immovable Property Tax

Title Deeds, Developers and Reclaiming Immovable Property Tax,

Sam Orgill www.proactpartnership.com How to protect your Cyprus Property Cyprus

In 2015 Big changes allowed buyers to claim title deeds without waiting for developers and their banks to release them.  Also banks can reclaim property where mortgages in default. We understand Bank of Cyprus has reprocessed Secret Valley from Aristo developers, illustrating the dangers to property buyers of not securing their title deeds now.

Big changes in 2016 Immovable Property Tax (IMPT) on Cyprus Property mean that tax savings are available for Expats owning Cyprus Property.

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Cyprus Tax, EU Brexit for Expats, Overseas Property, Tax SavingProACT Sam OrgillProACT Partnership Expatriate Advicecyprus property, immovable property tax, expat experts, proact partnership expatriate advice, proact sam orgill, eu brexit for expats, cyprus title deedsComment
Reclaiming Immovable Property Cyprus Tax Savings

Reclaiming Immovable Property Tax

Sam Orgill www.proactpartnership.com 

How to reclaim immovable property tax on Cyprus Property

Big changes in Immovable Property Tax (IMPT) on Cyprus Property mean that tax savings are available for Expats owning Cyprus Property. Big changes mean IMPT tax savings and rebates are now available for Cyprus Property Owners.

If you own a property with only a contract of sale , since 2014 you are responsible for immovable property tax and should be registered.  This tax is paid through the income tax office.  If not you could pay a higher rate of tax to the developer.  Register as the IMPT payer to save expensive bills from a developer.

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Tax Saving, Tax Return Service, Overseas Property, Expat Experts, Cyprus TaxProACT Sam OrgillProACT Partnership Expatriate Advicecyprus property, cyprus title deeds, overseas property, tax saving expat experts, proact partnership expatriate advice, proact sam orgill, property tax, immovable property tax, tax saving experts, cyprus taxComment
Only Pay Your Own Immovable Property Tax

Sam Orgill ProACT Partnership Expatriate Advice Suggests You enjoy the reductions in Immovable Property Tax (IMPT) and that you Only Pay Your Own Immovable Property Tax. IMPT is being scrapped in Cyprus, but don't throw away money where you are not obliged.

Developers IMPT

Don’t get caught out.  Since 2014 contract of sale owners, without title deeds, have been able to register and pay IMPT directly. This is always at a lower IMPT rate than the developers who pay at a rate based upon their total land holdings.

This is because developers pay an IMPT rate based upon the whole title deed of their development. This could be 3 times as much, 1.9% instead of 0.6%.  So registering to pay IMPT direct if you hold a contract of sale gives a big tax saving on your overseas property.

Buyers only have to pay developers IMPT for previous years if their contract of sale explicitly states the buyer is responsible for IMPT.

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Cyprus Tax, Expat Experts, Overseas Property, Tax SavingProACT Sam OrgillProACT Partnership Expatriate Adviceoverseas property, immovable property tax, cyprus tax, cyprus property, tax saving expat experts, proact partnership expatriate advice, expat experts, proact sam orgillComment