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.
PROOF OF PAYMENT
The land registry will require that the buyer proves they have paid all their immovable property taxes due since 2014, while holding a contract of sale. The law changed in 2014 making immovable property tax the liability of the contract of sale owner , if they had taken possession of the property, even without title deeds. This is good for you because individuals will pay less tax than large landowners.
Having considered your application for title deeds, the land registry will issue you notice to provide proof within 30 days that you have paid Immovable Property Tax and the Immovable Property Levy to the Municipality from 2014 to date.
TAX SAVING
This legal notice specifically confirms that you are only obliged to pay these taxes if your contract of sale obliges you to do so after taking possession. If you are not contractual obliged, you dont have to pay the taxes from previous year. The law allows the Land Registry to transfer the liability to the seller.
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.
Sam Orgill CONTACT US
ProACT Partnership - Tax Saving Expat Experts
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