Tax clearance certificate

Does the developer want to charge you for selling your property?
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cmcmac
Posts: 3
Joined: 18 Feb 2011 16:27

Tax clearance certificate

Post by cmcmac » 09 Mar 2011 03:46

Hi

I am in a struggling position of trying to sell my property which I can no longer afford to pay after the passing of wife.

I was told the following by my Cypriot lawyer over 12 months ago;

Hoping all is well with you. Please be informed that you will be in a position to advertise and sell your property as you are the beneficiary of the Estate of the Late Mrs McCreadie. The conclusion of the sale however can only take place as soon as the tax Clearance Certificate is issued. This can take a few months to be finalised.

The Probate application is submitted for the Grant of Probate which will give authorisation to the Executor to execute the deal of sale to any purchaser. However to finalise the sale it is imperative to have the tax clearance issued from the tax office once this dues take some time to be issued.


This has now apparently been completed and I have recieved a "Deed of Assignment".

What is slightly strange is that on the deed it states on numerous occasions my late wifes name followed by "of Paphos" whereas my name is listed with "of United Kingdon"?

What is alarming though is the legal bill for 6200.00 Euros... Is this correct and has this process been necessary?

I appriciate any and all responses.

Kind Regards



Nigel Howarth
Site Admin
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Location: Erimi, Limassol, Cyprus
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Re: Tax clearance certificate

Post by Nigel Howarth » 09 Mar 2011 09:33

Hi cmcmac and welcome to the forum.

I'm sorry to hear of your situation. The lawyer's fee of €6,200.00 is for acting as the executor of your late wife's estate. The minimum fee that lawyers can charge for acting as executor or administrator is dictated by the Cyprus Bar Association - and these are very high compared to the UK. You will find a one page document at http://cypruspropertybuyers.com/Executo ... Cyprus.pdf showing the calculation.

For example an estate valued at €100,000 and with an amount distributed of €90,000, the minimum fees are €7,962.

(Note that the Bar Association does not set an upper limit on these fees)

I cannot explain why the deed states you as being "of United Kingdom" - perhaps your lawyer can advise.

Regards,


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

cmcmac
Posts: 3
Joined: 18 Feb 2011 16:27

Re: Tax clearance certificate

Post by cmcmac » 11 Mar 2011 13:40

Thank you so much for your advise on this matter it is most helpful.

Regards
Craig



Nigel Howarth
Site Admin
Posts: 2344
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Tax clearance certificate

Post by Nigel Howarth » 11 Mar 2011 17:29

You are welcome Craig.

Regards,


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

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