Cyprus Property News magazine for overseas buyers & real estate investors

Saturday 11th July 2020
Home Property Statistics Gaping hole in government revenues

Gaping hole in government revenues

DURING the first seven months of this year, the Cyprus Government collected €902 million compared to the €1,014 million it collected during the first seven months of 2008; a fall of €112 million or 11%.

Compared to the first seven months of last year, Capital Gains Tax receipts have fallen by €183 million, Stamp Duty receipts by €17 million and Immovable Property Tax by more than €900,000.

Cyprus Inland Revenue Department collections January - July 2009
Cyprus Inland Revenue Department collections January - July 2009

The collapse of the property market has resulted in sales to non-Cypriots falling by 75% and sales to Cypriots falling by 58% this year. The Cyprus government is looking at ways to fill the gaping hole in public finances.

The ‘town planning amnesty’ proposed by Interior Minister Neoclis Sylikiotis should provide the state with between €100 million and €120 million for every 10,000 titles and transfers completed, according to the head of the Land Registry, Andreas Christodoulou.

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1175
RUB
0.0125
CNY
0.1264
CHF
0.9407

TOP STORIES

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.