sale of unimproved land

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koofoo
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Joined: 06 Nov 2016 18:15

sale of unimproved land

Post by koofoo »

I have unimproved land that was purchased over 25 years ago. I live in the UK and have decided that I wish to sell it. Is unimproved land considered property and is there a capital gains tax to pay on the sale? If there is I am assuming that there is €17,000 exemption per owner. Once I know the answer to this question, I am sure I will have others on finding reliable agents, lawyers, etc. Thank you for any help :-))
Nigel Howarth
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Re: sale of unimproved land

Post by Nigel Howarth »

Hello koofoo and welcome to the forum

Yes - you will be liable for Capital Gains Tax on the sale of your land (which is immovable property). You will receive an exemption of €17,086 plus an adjustment for inflation that is based on the Cyprus Consumer Price Index.

As for reliable lawyers, I suggest you engage the services of a lawyer on the list provided by the British High Commission in Nicosia .

Regards,
Nigel Howarth
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Pantheman
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Re: sale of unimproved land

Post by Pantheman »

koofoo wrote:I have unimproved land that was purchased over 25 years ago. I live in the UK and have decided that I wish to sell it. Is unimproved land considered property and is there a capital gains tax to pay on the sale? If there is I am assuming that there is €17,000 exemption per owner. Once I know the answer to this question, I am sure I will have others on finding reliable agents, lawyers, etc. Thank you for any help :-))
What is 'unimproved land' ?

Do you mean undeveloped??

Just curious.
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