Current situation re Transfer Tax rates

Do you have a problem getting your Title Deeds?
Post Reply
Message
Author
howardinuk
Posts: 3
Joined: 04 Sep 2017 17:29

Current situation re Transfer Tax rates

#1 Post by howardinuk » 10 Sep 2017 12:13

Hi,

Can anyone tell me whether the discounted Transfer Tax rate is still in operation or has this now ceased?
Also does anyone have a list of Indexation rate for the years 2003 to end 2016?

Thank you.



Nigel Howarth
Site Admin
Posts: 2177
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Current situation re Transfer Tax rates

#2 Post by Nigel Howarth » 10 Sep 2017 12:47

Hi howardinuk

Yes the Property Transfer Fee discounts are still in place they were made permanent in July last year. Check out the Department of Lands and Surveys ​​​​Transfer Fees Calculator​​​​​​​​​​​​​​​​​​​​.

You'll find the Inflation and Consumer Price Index tables on the Statistical Service website at Economy & Finance - Consumer Price Index - Key Figures.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

deekay
Posts: 1
Joined: 29 Sep 2017 22:19

Re: Current situation re Transfer Tax rates

#3 Post by deekay » 29 Sep 2017 22:35

So I have finally been told we are ready for transfer of the deeds after 15 years. We had a lawyer make application on our behalf. (although I wish we had done this alone). We purchased the property in 2002 for cy47000 in joint names. My lawyer has told me to expect to pay €3000+ for the transfer to go ahead. He stated that valuations now take into account the sq metres of the property ??? and which would make my property worth approx 180,000 (I wish). I was fully prepared for a different valuation given the length of time, but this seems to make a mockery of the 50% discount as we appear to be back to square one with no real reduction of fees!
Is this correct ? Has anyone recently completed the transfer after waiting many years?

Your thoughts are appreciated Nigel.

Thanks Dee



Nigel Howarth
Site Admin
Posts: 2177
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Current situation re Transfer Tax rates

#4 Post by Nigel Howarth » 08 Oct 2017 07:38

Good morning Dee & welcome to the forum.

Apologies 4 the delay in replying - I've just returned from two weeks touring Uzbekistan.

Your lawyer is speaking through an orifice normally reserved for another purpose - I suggest you ditch him/her. Property Transfer Fees are assessed on the market value of a property at its date of sale NOT its current market value.

CYP 47,000 is approximately € 80,304 (and you will not have paid VAT). As you bought in joint names and taking the current 50% reduction, your Property Transfer Fees will be in the region of € 1,204.56. (You can find n online calculator at http://portal.dls.moi.gov.cy/en-us/Page ... rFees.aspx ).

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

Post Reply

Who is online

Users browsing this forum: No registered users and 1 guest