Cyprus Property Forum for Buyers, Sellers & Investors

Hello everyone. I am new to the forum and property is not my thing.
My question. Several family members inherited a plot of land, which we are selling. I have have just had a heated discussion with one of the co-owners, my cousin (a local Greek Cypriot lawyer who I believe sees me as a dumb Charlie) who wants to use a non registered estate agent who is a friend of his and distant relative. My cousin says the amount that can be discounted from capital gains tax is only about 20% of the estate agents 5% commission, so its not worth using a registered one for 20% of say 10,000 euros.A mere 2K saving he says. Does anyone know how much of a registered estate agents fees can be discounted from capital gains tax
Your answers will be appreciated .
Thanks alot,
Knucklehead

Hi Knucklehead and welcome to the forum.

100% of a registered Estate Agent’s commission may be used to reduce the amount on which your Capital Gains Tax is calculated.

Let's say your capital gain is €100,000 and your registered Estate Agent charges you €5,000 commission.

In this case, your Capital Gains Tax would work out at €19,000 (20% of €95,000)

If you used an unregistered Estate Agent, your Capital Gains Tax would work out at €20,000.

Regards,

Thanks alot Nigel . I didnt expect to get an answer from the man himself! Congratulation on a great web site.
Regards,
Knucklehead