Tax and ownership

[LDonald101]

Good evening Nigel,
I would be grateful if you could advise on the following:
1. Can I register my children as owners along side my wife to reduce the tax liability on purchase...if so is it worth it?
2. To own a property I am aware you need the authority of the ministers, whilst living in Cyprus in the early 90's I was stupid, got arrested and was found guilty in Limassol court for Criminal Damage. Will this effect my ability to own a property? I am sure I read somewhere about criminal records.

Many thanks and best wishes.

[Nigel Howarth]

Good afternoon LDonald101 and welcome to the forum,

EU citizens no longer need Council of Ministers permission to own property. Although the law has not changed, working practices have - effective from 4th May.

As long as your children are included on your contract of sale along with yourselves as purchasers, they'll be included as part-owners of the property on its Title Deed. But bear in mind that they as well as yourselves should make a Will to avoid complications in the event of their demise.

Whether it is worth having your children as part owners will depend on the value of the property you're buying. The Lands & Surveys Department has an on-line Property Transfer Fee calculator at http://www.moi.gov.cy/moi/dls/dls.nsf/dmltransfer_en when you can work any savings there may be.

Regards,

[LDonald101]

Thanks Nigel,
one other thing, after reading through the board I am aware that no Cyprus bank will lend on a property without the deeds, is this the same for UK banks? Even if you have approx 80% deposit.

Many thanks again and best wishes,

LD

[Nigel Howarth]

I don't know of anyone who has managed to get a mortgage from a UK bank to buy a property in Cyprus.

If you have 80% in cash, you could try taking some of the equity out of your UK property to get the other 20%.

Regards,

[kingroly]

Good afternoon LDonald101 and welcome to the forum,

EU citizens no longer need Council of Ministers permission to own property. Although the law has not changed, working practices have - effective from 4th May.

As long as your children are included on your contract of sale along with yourselves as purchasers, they'll be included as part-owners of the property on its Title Deed. But bear in mind that they as well as yourselves should make a Will to avoid complications in the event of their demise.

Whether it is worth having your children as part owners will depend on the value of the property you're buying. The Lands & Surveys Department has an on-line Property Transfer Fee calculator at http://www.moi.gov.cy/moi/dls/dls.nsf/dmltransfer_en when you can work any savings there may be.

Regards,

yeah this actually possible to do, same process with cousin family..


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