Cyprus Property Forum for Buyers, Sellers & Investors

Hi

I wondering if you can help me & give advice on the IR 163 form.
I'm currently in the process of transferring Deeds into my name, as I'm in the UK I will instruct a lawyer to do this for me.
I have had contact with a lawyer I've previously retained for some work in the past & they are happy for power of Attorney & obtain the deeds in my name.
But as part of this process they are requesting me to complete tax form IR163, with the following explanation:
"Please note that there are new regulations at Tax Department that any purchaser that purchase a property over €200,000.00 must complete and sign that form and submit to the Tax Authorities so that the Vendor can proceed and obtain his/her tax clearance certificate".

I've tried to find anything relating to this, but have so far not been able to verify this "new regulation". The property was purchased in 2001 & as such the 1980 property value doesn't make it liable for IPT.

I'm a UK resident, so as such don't have any tax affairs in Cyprus.

Regards

Andrew

Hi Andrew and welcome to the forum.

I have not heard about a new regulation - the IR 163 is for registering a new taxpayer (you can download the form from http://www.mof.gov.cy/mof/ird/ird.nsf/A ... 202010.pdf )

It looks as of you will have to tick '92. Individual with Immovable Property obligation ONLY' towards the bottom of the first page.

All immovable is to be revalued (the process starts next year) so there is a possibility that you may may be liable for IPT once the revaluations have been completed and the tax bands re-assessed.

Also, if you sell the property, you will be liable for tax on any gain.

Regards,

Hi Nigel

Thank you very much for your rapid response, much appreciated.

Regards

Orpheus

This is a really useful advice, thanks for sharing, I wondered about the same things as well! There exist so many tax mistakes which you can avoid and it's not easy to find out how to do that! Has everything worked fine for you by now? Without a decent lawyer it's so difficult sometimes..but it's worth everything!