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Archive for July, 2015

Hidden mortgages & tax bills delayed

The bills designed to rationalise Cyprus’ various property taxes and address ‘hidden mortgages’ agreed by government will not be put to a plenary meeting of the House this Thursday as planned.

Fraudsters target property sellers

People selling property in Cyprus are being targeted by fraudsters claiming to be from a company called ‘Prime Consortium’ who are trying to obtain their bank account details in return for a 10 per cent deposit.

Real estate tax restructuring a must

Cyprus real estate taxes are steep, unpredictable and complex and must be reduced and simplified if the island’s property sector is to survive and prosper; owning property must be profitable.

Immovable Property Tax 2015

Revised Immovable Property Tax rates for 2015 are contained in one of a series of bills submitted by the Cyprus government to parliament, which are aimed at modernising the island’s taxation system.

Tax incentives may cost €21 million

The property tax incentives designed to attract high-net-worth foreign investors to Cyprus could cost the government up to €21 million a year according to finance minister Harris Georgiades.

Tax incentives target rich foreigners

A 50 per cent cut in Property Transfer Fees and other tax incentives have been announced by the Cyprus President in efforts designed to attract high-net-worth foreign investors to the island.

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