title deeds

[pauline michie]

Our title deeds may be available within the next year or two. I have heard that the Troika will not permit any delays in paying for them once they have been issued. Is this true? It would suit our circumstances better to wait a while. There is no threat to our property.

[Nigel Howarth]

I have heard that the Troika will not permit any delays in paying for them once they have been issued. Is this true?

Property Transfer Fees may be considered as a tax - and the MoU states that Cyprus has to:

"harmonising the legislation among tax types so that not paying taxes is a criminal offence regardless of the type of tax and ensure tax fraud is prosecuted as a criminal offence."

"strengthening powers by the tax authorities to ensure payment of outstanding tax obligations, e.g. by having authority to seize corporate assets, prohibiting alienation or use of assets, including property and bank accounts, by the taxpayer."

So I guess it all depends on whether the government includes the payment of Property Transfer Fees in these changes to the tax system.

Delaying payment of Property Transfer Fees is not a good idea as until you've paid them you do not own the property and are unable to enjoy the full benefits of property ownership.

Plus, as the developer will continue to be the owner of the property, he will have to pay all the taxes associated with it until you decide to dip into your wallet. He's not going to take kindly to this and may make things difficult for you - and it will cost you more if you decide to delay.

Regards,

[pauline michie]

Thanks, Nigel.

The last time I tried to find an answer to this question, I was told that the Land Registry would give people three years in which to claim and pay for their title deeds and that if they didn't said deeds would be 'filed away' and one would have to start the process all over again.

The belief then was that once you had your title deeds you could sell your property!

[Nigel Howarth]

I was told that the Land Registry would give people three years in which to claim and pay for their title deeds and that if they didn't said deeds would be 'filed away' and one would have to start the process all over again.

Who told you that Pauline?

Regards,

[pauline michie]

I think it was in another life...