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.

CONTACT US

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.

CONTACT US

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.

CONTACT US

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.

CONTACT US

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.

CONTACT US

Read the detailed Article Click Here

Paying IMPT Tax 2015 - 2016

Game of Thrones: Who Has a Claim to Your Possession?

Sam Orgill of ProACT Partnership on latest Developments in the Game of Getting Title Deed for Cyprus Property

The changes in Cyprus in 2015 allow the land registry to issue title deeds to holders of contract of sale. This changed the dynamics between claimants to the title, and the new rules have been developed with changed approaches in all area as banks, developers, sellers and buyers battle it out to claim best advantage of the situation. How are you doing in the game of title deeds?

CONTACT US

Changes to Cyprus Succession Laws Affect Inheritance Tax for Expats Property

Sam Orgill of ProACT Partnership with Tax Saving Tips for Property Ownership

New EU Succession laws enforce radical change for Expats living and working abroad in the EU, or with assets in these countries. While the UK and Ireland have opted out of applying the EU Directive it still affects EU expats with tax residence or domicile in the EU. This means changes to the way you organise and plan your Family inheritance, business and overseas property investment assets and income?

Changes Keep Coming

The changes mean that you must settle your world-wide estate in the country you habitually ‘live’. This could be different to the country of your tax residence AND the country of your tax domicile (‘where you are from’)

CONTACT US

Live Chat