Property Exchange

General questions & discussions on Cyprus property related matters
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Zoom123
Posts: 13
Joined: 12 Feb 2019 18:11

Property Exchange

Post by Zoom123 » 14 Mar 2019 03:38

Hello,

I am considering to exchange a plot I own with another. The 2013 valuation of my plot is about €205.000 while the other plot is €170.000. The difference in their market value is about €40.000-€50.000. The other person is not a relative.

Can such exchange be done, and is doing so any more complicated than buying property? Also, are there any fees, taxes etc for doing such exchange?

Thanks!



Pantheman
Posts: 558
Joined: 26 Jan 2008 14:44
Location: Famagusta District
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Re: Property Exchange

Post by Pantheman » 14 Mar 2019 10:35

Yes, this can be done and it is deemed to be easier since no money is changing hands and, from what I understand, there is no CGT to pay as you are exchanging.

What happens is that you will still need a tax clearance certificate, but when you go to the land registry, the person that takes the higher value plot will pay transfer fees of 1.5% (with the discount) on the difference in the market values, not the 2013 valuation. The person with the lower priced plot pays no TFs. keeping in mind that if the Director of the Land and Surveys dept have differing valuations than yours they can impose these market values.

You can use one of these agents that hang around outside the LR or have an office close by to do the paperwork and it'll be cheaper than a lawyers.

Hope that helps. If you are in the Famagusta District, let me know I may have someone to do it for you.


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Zoom123
Posts: 13
Joined: 12 Feb 2019 18:11

Re: Property Exchange

Post by Zoom123 » 14 Mar 2019 15:37

Thank you for the info!

I am in Limassol. If you know such agents or decent lawyers that will not overcharge, let me know!



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