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transfer tax

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ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
24/08/2008 18:32

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Message 1 of 13 in Discussion

Good news, my neighbour has received his PTP after only 18 months.

Bad news is that he is being asked to pay more for his deeds than he expected.

He is being asked to pay 1500 to transfer the deed to his name from the present owner. I have never seen this tax before.

When was this tax introduced?



graham


Joined: 20/10/2007
Posts: 397

Message Posted:
24/08/2008 18:41

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Message 2 of 13 in Discussion

Is this a tax or what the lawyer is asking to transfer.



Graham



ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
24/08/2008 18:43

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Message 3 of 13 in Discussion

The solicitor is asking for it but it is clearly shown as a tax and descibed as 'transfer tax' on the breakdown of costs



ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
24/08/2008 18:46

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Message 4 of 13 in Discussion

Hi Graham



His invoice states that this tax is charged at 3%



graham


Joined: 20/10/2007
Posts: 397

Message Posted:
24/08/2008 18:51

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Message 5 of 13 in Discussion

Looking at my paper work the only thing at 3% is purchase tax.



Graham



graham


Joined: 20/10/2007
Posts: 397

Message Posted:
24/08/2008 18:54

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Message 6 of 13 in Discussion

Reread first post this is not new build but resale therefore purchase tax might not apply.



Graham



Notsoboredhw


Joined: 15/03/2007
Posts: 1254

Message Posted:
24/08/2008 18:58

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Message 7 of 13 in Discussion

We will have to pay 3% purchase tax and we have a new build. Unfortunately spent it though just hope our PTP doesnt come through too quickly now!



ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
24/08/2008 18:59

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Message 8 of 13 in Discussion

He has to pay an additional 1% on this 'transfer tax' which is called 'municipality tax'.



There is nothing on his invoice about property tax, but he is being asked to pay an additional 2000. This fee is stated as a contract fee. He needs to verify what this is.



cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
24/08/2008 20:25

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Message 9 of 13 in Discussion

ilovecyprus the way i understand it is you have to pay a 6% transfer fee at the time transfer of title takes place. However everyone has a once in a lifetime option to pay at the reduced rate of 3% also i beleive the municipality tax is 1% of the transfer fee.



Cooper



cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
24/08/2008 20:34

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Message 10 of 13 in Discussion

This link should explain better -











http://www.nmplegal.com/pdf/GUIDE%20TO%20TAXES%20FOR%20PROPERTY%20TRANSACTIONS.pdf



ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
24/08/2008 20:40

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Message 11 of 13 in Discussion

thanks cooper. This link is very useful



bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
24/08/2008 21:07

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Message 12 of 13 in Discussion

Ilovecyprus,



I was aware that I needed to pay the VAT and 3% Transfer Fee but never heard of the 1% municipality tax.



Makes you wonder why this government are so slow to give ptp and do litlte to encourage the transfer of deeds?



Wouldn't they be quids in if they got this right?



ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
24/08/2008 21:20

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Message 13 of 13 in Discussion

Hi Bradus



The municipality tax is only 1% of the 3% transfer tax so is only quite small. 15 in this case. There is also a district land office fee of 20.



They would be quids in if they received these fee's, however I suspect the money gets wasted on beuaracracy and inefficiency.



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