IPT & deeds

[susiecoo]

Hi Nigel.
My partner & I received our deeds earlier this year and EACH deed shows the 1980 value as €10,000.00
Am I correct in thinking that this is the full value of the property as a whole and that each individual share is €5,000.00 - can you clarify please?

Reading your article yesterday, I believe that either way we'll be lucky enough to escape paying IPT this year and will ourselves have to register with the Cyprus IR next year as we're non residents.

Even though we now have the deeds, your website remains invaluable.

Thank you so much.

Susiecoo.

[Nigel Howarth]

Hi Susiecoo

The figure on the Title Deed is the total 1980 value of the property - and you will also see field indicating your share (which will be 1/2).

So the 1980 value of the property you own is €5,000 - and no IPT is payable (the threshold is €12,500).

Best to register with the Inland Revenue when you're next here. Who knows how things will change in the future.

Regards,

[umarsahb]

Hi Nigel.
My partner & I received our deeds earlier this year and EACH deed shows the 1980 value as €10,000.00
Am I correct in thinking that this is the full value of the property as a whole and that each individual share is €5,000.00 - can you clarify please?

[Nigel Howarth]

Hi raza and welcome to the forum

The 1980 value shown on the deed is the full value of the property. (On each of the deeds it will show that you have a half share).

Regards,