Posts tagged property tax
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
Very Moveable Property Tax Savings
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.

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Overseas Property, Cyprus Tax, Wills & Estate Admin, Tax Saving, Inheritance TaxProACT Sam OrgillProACT Partnership Expatriate Adviceoverseas property, property tax, cyprus tax, cyprus title deeds, expat experts, proact partnership expatriate adviceComment
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.

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Paying IMPT Tax 2015 - 2016

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Overseas Property, Cyprus Tax, Expat Experts, Tax SavingProACT Sam OrgillProACT Partnership Expatriate Adviceoverseas property, cyprus property, cyprus title deeds, tax saving experts, proact partnership expatriate advice, proact sam orgill, property tax, cyprus taxComment