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Archive for 2008

Tax on overseas property lettings

Our developer has advised us that our holiday apartment in Paphos is finished and we’ll be flying over to Cyprus next week to pick up the keys. To help offset the mortgage payments, we plan to rent it out while we’re not using it. I’ve already spoken with a number of companies in the Paphos […]

VAT on building plots from January 2009

We have just learnt that the EU does not intend to grant Cyprus a further postponement regarding the introduction of VAT on land sales. As a consequence, the purchase of plots will be subject to 15% VAT from 1st January 2009. The news comes as a blow to the economy and the Cyprus property market, […]

Building permits fall for eleventh month in a row

ACCORDING to the Cyprus Statistical Service (CYSTAT), the number of building permits issued in August has fallen for the eleventh month in a row. CYSTAT figures reveal that the number of building permits authorised during August 2008 stood at 504, compared with 558 in August 2007. These building permits provided for the construction of 931 […]

Building permits fall for tenth consecutive month

ACCORDING to the Cyprus Statistical Service (CYSTAT), the number of building permits issued in July fell for a tenth consecutive month as developers anticipated weaker demand. CYSTAT figures show that the number of building permits authorised by the municipal authorities and the district administration offices during July 2008 stood at 810, compared with 848 in […]

EU calls for halt to sales of Greek Cypriot property in the north

In Resolution 1628, the Parliamentary Assembly Council of Europe (PACE) has called on the authorities of the Turkish Cypriot community to “put an end to the sales of, and construction on, Greek Cypriot properties in the northern part of Cyprus“. PACE also called on the Turkish Cypriot community to: “confirm their commitment to reunifying Cyprus, […]

Immovable property tax & fraudulent practices

The Immovable Property Tax law based on 1980 values is to most foreigners a very confusing concept which has no parallel in other EU countries. Relying on this confusion, developers ensnare and contain clients in the Title Deed trap.

Golf properties at Tersefanou

ACCORDING to Overseas Property Professional, a consortium of Cypriot developers known as the Med Group is expecting to receive the go ahead for a €300 million golf resort project at Tersefanou within the next few months. Known as the Larnaca Golf and Country Club, the development will comprise an 18-hole golf course, with more than […]

Using our apartment as collateral for a loan etc

WE PURCHASED an apartment on the ground floor of a three-story block of six and were told that Title Deeds would be forthcoming in no longer than six-years which at the time we thought was fair because we had heard ‘the’ horror stories. However, what we did not know, because we had never had a […]

Lobby slams property tax scam

A GROUP of Paphos expat home buyers who checked with the authorities how much they should pay in Immovable Property Tax (IPT) discovered that their developer was charging them each 500 times too much annually. According to the website of the Inland Revenue Department, IPT is imposed on the value of the property as it […]

Title Deed delays affect 30,000 non-Cypriots

During the last three and a half years, 4,400 properties have been transferred to non-Cypriots while the transfers of a further 29,949 are still in the pipeline according to figures published by the Department of Lands and Surveys.

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