purchase tax is on its way up

cypbb


Joined: 23/09/2011
Posts: 61

Message Posted:
01/11/2011 15:14

Yes all you foreigners that have not got your deeds and that did have the right for the first purchase to pay 3% its now doubled and gone to 6%, this has been implemented in Famagusta and will be implemented in Girne next month so i believe.



North Cyprus want us here??? i dont think so....what they should be doing is saying all those that have applied up until June next year and that pay now will get it at 3% then they will see money coming into the coffers...as it stands now i can see that a lot of properties will be staying bought and sold on contract as there is a requirement to register the contract at the point of buying.



Funny though how the locals dont have to pay this tax???? Grrrrrr!!!!!!!!!!!!!!!!!



Thats my gripe for today folks...welcome to North Cyprus..

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
01/11/2011 15:33

Just another way of the TRNC government saying they do no want foreigners purchasing in TRNC and this is just another way of driving this message home !!

StGeorgeI


Joined: 27/08/2009
Posts: 973

Message Posted:
01/11/2011 15:52

Locals do have to pay this tax - EVERYONE pays this tax as it is for transfer of Title.



G

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
01/11/2011 16:33

Cypbb can I ask how you came about this info and could I ask ELKO to give his view please because I know Famagusta is his neck of the woods.

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
01/11/2011 17:12

I paid %6 for my first purchase in trnc back in 99 but the law was changed in 2001 to %3 for your first puırchase and %6 there after.

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
01/11/2011 17:25

If the government scrapped the PTP nonsense they would get more tax revenue. Increasing the tax rate by 100% wont help encourage property sales will it?

PhilUK


Joined: 31/03/2010
Posts: 236

Message Posted:
01/11/2011 17:37

How does this affect pending applications?

for example,someone could have been waiting 3 yrs or more and will have budgeted for the cost at the lower rate-it's surely unfair to charge some one double simply because it takes years to process PTPs!

judyr


Joined: 07/07/2009
Posts: 956

Message Posted:
01/11/2011 18:04

I have just read this and am extremely anxious to learn of its validity. My paperwork is going through at the moment but the capital gains tax has to be paid first before the title can be transferred to my name. If anyone has any further information please update this post. Thank you.

Tangerineman


Joined: 08/03/2010
Posts: 318

Message Posted:
01/11/2011 18:04

My lawyer says its gone up effective today - but only for foreigners

I have been waiting to complete for ages however have had to wait because my builder cant pay his taxes

Nightmare

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
01/11/2011 18:14

Tangerineman

Don't hold off pay the builders tax before the memorandums and mortgages land on your property

Tangerineman


Joined: 08/03/2010
Posts: 318

Message Posted:
01/11/2011 18:17

I may as well have done as i'm now going to have to pay about 5k more

Gutted

pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
01/11/2011 18:32

When will they ever learn?

cyprustom


Joined: 23/09/2008
Posts: 60

Message Posted:
01/11/2011 18:39

if you read my other post further up, ie, as from 12/10/11, no Foreigners can pay 3% tax after this date, you must pay 6%, the option of the 3% has been removed,,,,,EXCEPT,,,,for locals, this is absolute FACT, found out today whilst trying with my builder to pay at Tapua office,,,, blatent descrimination,,,,,,,,,tom

cypbb


Joined: 23/09/2011
Posts: 61

Message Posted:
01/11/2011 18:40

Its all applications even the ones pending...

cypbb


Joined: 23/09/2011
Posts: 61

Message Posted:
01/11/2011 18:41

I learnt this today from various people lawyers and land office.

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
01/11/2011 18:41

pollymarbles



I think you are mixing your emotions here,what government ever takes notice of the visitors\temp residents?





something realy GOOD will happen very soon that will please you all,very soon.when in force the local government'd have to find other sources to recoupe the loss.but overall you'll all be thrilled to bits.



note,just assuming at the moment,hope I'm right.

cypbb


Joined: 23/09/2011
Posts: 61

Message Posted:
01/11/2011 18:49

Yorgozlu hey mate i hope your right....one thing is for sure ur right about the government and visitors/temp residents, though they have a short memory, if it wasnt for us coming here they wouldnt be driving around as though they are kings, also they seem to forget that it was Turkey there mother country that has kept the food and water coming to the table but they treat them like shite...it makes my blood boil...most Cypriots both GCs and TCs think they can put there hand out and always expect it to be filled....it wont last for long !!! Turkey need to take this place over put a governor in and make it a tax haven...well i can dream cant i??? hehehe

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
01/11/2011 18:55

present government has proposed it to parliment already.All we need is for it to pass and be in force.







as for turkey........feel free to tell them to feck off,quicker the better.

Tangerineman


Joined: 08/03/2010
Posts: 318

Message Posted:
01/11/2011 18:59

Proposed what?

Is it in the public domain or confidential?

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
01/11/2011 19:01

not confidential Tangerinman,just dont want to raise no one hopes for nothing,in case it doesn't pass.Thats all

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
01/11/2011 19:18

Yeah!



More anti foreigner legislation! I wonder how long it will take the Russians to spot the deliberate mistake!



Ali Babas in my humble opinion!



wyn

philbailey


Joined: 17/01/2011
Posts: 3534

Message Posted:
01/11/2011 21:10

Terrible

not fair really

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
01/11/2011 21:38

Yorg,



I hope its not another new law like the Registration of Contracts, claiming to stop all encumbrances, mortgages and builders debt, but in reality having more holes than a sieve and encouraging even more State sponsored property scams?

cypbb


Joined: 23/09/2011
Posts: 61

Message Posted:
01/11/2011 22:26

Yorg, whats happening here then that we we all be happy with??? cyprus solution sorted January???

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
02/11/2011 06:22

the only porpuse in my comments re 16 was the hope of 'something good out of something bad'.

PoshinDevon


Joined: 13/10/2011
Posts: 84

Message Posted:
02/11/2011 11:12

As a prospective purchaser the hike up to 6% is a little dissapointing but hey ho thats Cyprus...we know it well enough not to be surprised.



Now some will wait with baited breath for possible GOOD news, will it affect us looking to purchase - who knows...its Cyprus.



Do not think it will stop us from eventually purchasing as long as its at the right price.

MrsSnakes



Joined: 19/12/2008
Posts: 1100

Message Posted:
02/11/2011 11:47

It is my understanding that property above 200m2 was 6/% transfer tax. This is not widley advertised on information provided on buying guides by estate agents, developers or advovcates on their web sites.

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
03/11/2011 20:24

Yes, I found out this morning that I really shouldn't have waiting for my money to come off deposit. I had been to my solicitors and got the quote for my taxes, before the increase, but I waited for my money to become available, not wanting to lose any. Of course I lost a hell of a lot more when I went in today, to pay, as the Purchase Tax had doubled.