Selling

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bitterlemons
Posts: 19
Joined: 10 Jan 2008 13:05

Selling

Post by bitterlemons » 27 Apr 2009 19:35

Hi Nigel
This may sound a silly question but if you bought a property in CY£s and we are now in the euro, how do you work out the CGT? For example, if I bought for CY£100 and now sell for 200 euros, how much CGT will I owe after my allowance which used to be CY£10,00. I have made no improvements and am not a resident.



Nigel Howarth
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Re: Selling

Post by Nigel Howarth » 27 Apr 2009 19:49

Hi bitterlemons,

It's not a silly question.

What you need to do is convert the price you paid for your property to Euros - by dividing the CYPs by 0.585274.

Then take a look at my website at http://www.cyprus-property-buyers.com/l ... ns-tax.htm to go about calculating how much tax you may be asked to pay.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
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bitterlemons
Posts: 19
Joined: 10 Jan 2008 13:05

Re: Selling

Post by bitterlemons » 28 Apr 2009 07:39

Hi Nigel
Thanks - I will do that, although I am not actually thinking of selling, more curious but it is good to know these things.

Another question - when we bought the property we bought it in joint names (husand and I), would it be difficult to change add our son onto this 'ownership' ?



Nigel Howarth
Site Admin
Posts: 2467
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Selling

Post by Nigel Howarth » 28 Apr 2009 13:39

No - it's not too difficult - a visit to the Land Registry.

Bit if you don't have your Title Deeds it's a bit more complicated. You'll need to have your contract changed to include your son as one of the purchasers, then withdraw your original contract of sale from the Land Registry and replace it with the 'new' one that includes your son.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

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