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Cyprus Property Transfer Fees and VAT

MPs in Cyprus are planning to revise Property Transfer Fees and the VAT paid on land sales to eliminate distortions in the Cyprus property market, which they believe is adversely impacting competition.

Pitfalls to avoid when buying property in Cyprus

To help prospective buyers avoid making costly mistakes, Charles Savva outlines the top 10 pitfalls to avoid when buying property in Cyprus and how to ensure that property purchases move forward smoothly and efficiently.

Swiss franc loan annulled in Slovenia

In a ruling that could have implications for the Cyprus banks, a Slovenian court has annulled a Swiss Franc loan used to acquire property because the bank failed to advise the customer of the risks.

Unfair contracts languishing at Legal Service

Fifty two decisions by the Cyprus Consumer Protection Service relating to unfair contracts have been languishing at the Legal Service for two-and-a-half years instead of being brought to court.

Specific Performance Law – depositing contracts

Cyprus’ replacement Specific Performance law, which came into force in 2011, provided that contracts of sale that were signed but not been lodged at the Land Registry to be lodged within six months of the law coming into force.

Parliament approves VAT on building land

The new bill imposing VAT on building land has been approved by parliament and will come into force on 2nd January 2018 some ten years after the deadline set by the European Union.

Peyia goes to court over Vassiliou project

The Peyia council is taking the Nicosia town planning department to court over its decision to issue a planning permit for a mammoth development on a hillside (Ayia Vouni) overlooking Peyia.

VAT on land sales agreement

Cyprus is to impose VAT at a rate of 19 per cent on land sales for commercial activities, which will be based on the Dutch model according to a report in the Greek language media.

Cyprus court upholds trapped buyers law

The Limassol District Court has upheld the ‘trapped buyers’ law overturning previous district court rulings in favour of banks that blocked Title Deeds being issued to some 70,000 trapped buyers.

Paphos Land Registry abuse of power

Officials at the Paphos Land Registry have been accused of breach of power by a local businessman who claims that certain officials have been deliberately dragging their feet over the survey of a plot of land.

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