Page 1 of 1
sale of unimproved land
Posted: 06 Nov 2016 15:28
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
Re: sale of unimproved land
Posted: 06 Nov 2016 16:56
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,
Re: sale of unimproved land
Posted: 07 Nov 2016 07:33
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.