sale of unimproved land
sale of unimproved land
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
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Re: sale of unimproved land
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,
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
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
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Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Re: sale of unimproved land
What is 'unimproved land' ?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
Do you mean undeveloped??
Just curious.
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FSB Properties Ltd
Registered and Licensed Real Estate Company. Reg. No. 1145, Lic. No. 572/E
Member of ETEK Registration No. A201999
https://www.fsbproperties.com