Latest Headlines

All reports tagged with: "warning"

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 […]

Brit loitering with intent aims to shame Cyprus into action

BRITISH home buyer Conor O’Dwyer marked his 39th birthday yesterday far away from his wife and children as he continued his indefinite protest outside the Cyprus High Commission in London. O’Dwyer began his protest camping outside the Cypriot diplomatic mission this month because August marks two years since he was due to move his family […]

Who really owns your home?

WITH the Cyprus property market finally slowing down and more disreputable developers entering the fray, an increasing number of property buyers could be at risk of losing their homes. Last month, the Inland Revenue Department released figures showing that Capital Gains Tax revenue on property sales dropped 17 per cent in the first four months […]

No title deeds – no sale

LAST week, Jean Christou reported how an elderly woman, who has been waiting for the Title Deeds to her property since 1982, was being held to ransom by her developer who is demanding more than €25,000 in what he claims is ‘Immovable Property Tax’, using the threat of withholding her Title Deeds to elicit payment. […]

Misleading property advertisements

MANY people have been duped into buying property in Cyprus through the use of misleading advertising. Much of this makes outrageous and totally unsubstantiated claims regarding the performance of property investments. For example, marketing literature produced by one registered Estate Agent guarantees that investors: “only have to invest 30% of the selling price, then the […]

Elderly widow victim of property scam

AN 83-YEAR-OLD British widow who has been waiting 29 years for the title deeds to her home was shocked recently to receive an Immovable Property Tax (IPT) bill from her developer, Korfi Mountain Estates Limited, for €25,000 when it should have been around €430. The IPT bill amounts to nearly 50 per cent of the […]

Resale property scam warning

Without Title Deeds, the buyer must come to an ‘arrangement’ with the person in whose name the property is registered; invariably this is the property development company from whom they bought the property.

Top 10 pitfalls to avoid when buying property in Cyprus

When undertaken properly, purchasing a property in Cyprus is a pretty straightforward process. However, I am regularly approached by individuals who have purchased in Cyprus and have encountered some sort of problems with their property purchase and they need me to help them to clean up the mess! The truth is that almost always, the […]

Chasing out the Cowboys

Investing in property abroad? Good news – there’s a new watchdog protecting you from the market’s rip-off merchants. We can spend months planning our summer holiday abroad but, incredibly, few of us spend enough time doing our homework when we are shopping around for a foreign home. It’s a staggering fact that when we buy […]

Developers ‘scamming buyers’ over property tax

THE CYPRUS Property Action Group (CPAG) has obtained a legal opinion which concludes that developers are effectively scamming buyers by overcharging them for Immovable Property Tax (IPT) and pocketing the difference. “This is a massive fraud,” said the CPAG’s Denis O’Hare. “We want this money back and we want prosecutions“. The CPAG said property developers […]

Back to top