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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.

Vote imposing VAT on land sales postponed

A vote by the Cyprus government on a bill to impose 19 percent VAT on land sales (building and development plots) has been postponed until September; the draft bill will be sent to the EC.

Land values also recovering

As home prices enter recovery, so do land values, particularly in Limassol which has already attracted property developers from other coastal areas such as Paphos and Famagusta.

Imposing VAT on land sales

Cyprus is facing hefty fines from the European Commission if it does not impose VAT on land sales, but the imposition of VAT will have knock-on effects on the property market and the banks.

Hammer time for foreclosures

Around 3,000 foreclosures have been pending at Land registries and thirty auctioneers are polishing their hammers to begin auctioning commercial buildings, holiday homes, and land owned by large debtors.

Aristo fraud suspects quizzed by police

One of the suspects in the Aristo fraud case has admitted forging a Land Registry document but claimed that he was under instructions by his superiors and that this was standard practice.

British bases land development agreement

The UK Government has signed an arrangement with the Cyprus Government giving residents increased flexibility to develop private property within the British Sovereign Bases.

Probe into ‘suspicious’ Turkish Cypriot land deal

The cabinet has decided to appoint an investigative committee to look into the purchase of Turkish Cypriot land in Larnaca following an angry row between the present and former Interior Ministers.

MEP calls for Cyprus land law reform

During his review of the Cyprus presidency of the European Union, Sir Graham Watson MEP called for a reform of the island’s land laws and the establishment of a banking ombudsman.

Chinese developers have their sights set on Cyprus

Cyprus may soon be welcoming a number of property developers from China who are planning to buy land on the island or work with local property developers to build homes for Chinese families.

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