Business Start-Ups for Cyprus Expats
Business Start Up costs in Cyprus are expensive and new Expat Business starting in Cyprus should consider their approach to save money and tax in the crucial first two years as the business gets going.
Consider a contractor or sole trader starting a new Cyprus Business. A start new business could pay over Euro 900 per quarter as a fixed social insurance from the outset. While reductions can be achieved with allot of hard work a minimum social insurance tax bill would be around Euro 300 per quarter.
With good planning you could reduce the business set up costs while remaining compliant for income tax, VAT and Social Insurance
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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.
Should You Pay Your Developers Tax to Receive Title Deeds in Cyprus?
Sam Orgill ProACT Partnership Examines the validity of claims for additional payments to developers in exchange for title deeds
When you make a contract it sets on 3 things: 1. the buyer and seller 2. the goods sold and the price paid 3. what and when happens to fulfill the contract.
Normally a cyprus contract states the buyer pays the money and the seller delivers the property - with title deeds later. The conditions in the contract for buyer and seller determine what you are legally obliged to pay.
Sticking to the letter of the contract could save you thousands off the price.
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.
Tax Rates 2016 - Cyprus Immovable Property Tax Savings
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...... Read More for the New IMPT Rates
Very Moveable Property Tax Savings
Confirming the Cyprus Property Tax Savings for 2016 and More
Sam Orgill www.proactpartnership.com
In Cyprus the Tax payment year starts on 1st July, for the current calendar year. Around the start of June a budget and tax changes for the current year 2016 is proposed – with the idea that changes are passed to law by the end of June.
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 are 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.
Half Year Tax Returns and Online Cyprus and UK returns Due From July
A new exchange rate apply for Cyprus Tax returns to Estimate 2016 Tax payments for overseas income not taxed at source.
This is payable by the Expats Retired with overseas pension income and Self Employed in Cyprus. Those with pensions paid overseas cyprus tax is payable from July
Business Relief for Cyprus Business Behind With Social Insurance Payments
Embattled Cyprus Companies, Self Employed and all Employers are offered welcome relief in new legislation that offers tax saving and a payment plan to bring Social Insurance upto date. Businesses must make a written application to receive tax savings of interest and avoid legal action for social insurance arrears.
Cyprus Law on Transfer of Property - Property Tax Savings for Expats
When you make an application for Title Deeds based upon contract of sale the Land Registry commence a process to issue them to your irrespective of the any obstruction or delay by the seller.
TITLE DEED DELAYS
The seller (including developers) in the past could delay issue of title deeds because they do not issue a completion certificate for planning permission, or pay their seller taxes, or obtain release of mortgages attached to your land.
TAX SAVING
This Land Registry will confirm that you are only obliged to pay property taxes if your contract of sale obliges you to do so after taking possession.
TAX SAVING - FREE REVIEW
Make sure you make this tax saving - dont pay taxes you dont have too.
For a Free Review or Advice on Cyprus Property Transfers , Title Deeds and Tax Savings contact ProACT Partnership Expatriate Advice.
Tax Saving Surprise - Very Moveable Property Tax Savings
Very Moveable Property Tax Savings
Confirming the Cyprus Property Taxes and Savings for 2016 and More
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 Property TAx solution mean big i 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
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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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Adding Up Immovable Property Tax Savings
Sam Orgill ProACT Partnership Expatriate Advice does the sums on the new IMPT regime for Overseas Property Owners in Cyprus
Immovable Property Tax (IMPT) in Cyprus is abolished in 2017. But it gets better if you do the math. In a dramatic modernisation of the Cyprus Property Tax regime, expats owning overseas property in cyprus will have no taxes to pay for 2016 either.
Retrospectively 2015 IMPT is reduced giving a 25% tax saving. Receipts are being issued with a 25% credit reduction against the 2015 IMPT tax paid. If anyone has not yet paid 2015, not only will there be no penalty for late payment, the 2015 IMPT tax can now be paid until 31/10/2015. After this time penalties will apply for 2015 rising to 25% from 1/1/2017.
That leaves 2016 where a 75% tax saving is introduced retrospectively from the start of 2016. (100% - 75% tax saving = 25% payable). Despite plans to use new, higher, 2013 rateable values, this has been abandoned to stick with the 1980 rateable values, as used in 2015. Meaning the new 2016 IMPT tax due is equal to the discount being credited to the 2015 IMPT already paid.
This can be paid in a number of different ways.
Read the detailed Article Click Here
Paying IMPT Tax 2015 - 2016
