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.
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.
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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