Cyprus property owner’s deeds, “now is the time to act”
Is your Cyprus property and home really yours? Do you have the title deeds of both your land and the property? These are questions you should be asking yourself if you have paid for property in Cyprus. Now is the time to act as the Cypriot Government is moving to pass new legislation. Changes in legislation are well over due here in Cyprus and should bring the little Mediterranean island more on par with its fellow member states in the EU, which is great news for new buyers and or investors as these moves will secure the real estate market along with other factors such as massive infrastructure projects and the banking sector restoring itself so the outside world can once again trust them, however if you are in the unlucky minority then time is running out.
Who the new legislation is aimed at
The moves are aimed at people or companies with tax arrears, an estimated €526 million is owed to the Cyprus IRD (Inland Revenue Department) of which €165 million is owed by just 127 people, the estimated €526 is what has been established as receivable, the real amount is more like €1 billion of which €850 million is owed by the same group that owe the banks large amounts.
The proposed brackets
For anybody in arrears of €3000 or more the Cypriot authorities will be able to seize bank accounts and stop any sales of immovable property, should the banks accounts be seized then the authorities may remove funds in order to repay the debts only leaving €2000 in the said account which is an adjustment as the original amount to be left was just €1000. Should the amount of arrears exceed €5000 movable property may be confiscated in addition to the above procedures.
Do you hold YOUR deeds?
These new legislations when passed will clearly affect some developers in Cyprus, in the worrying situation that you have paid such a developer but do not hold the title deeds, you run a very real risk of having your title deeds taken off the developer in order to repay taxes owed by them or the problem of not being able to transfer the deeds until such time as the debts are paid up in full.
Your next move
We at OLIESERVE are an international company with good experience in this area and we have the correct tools needed to put the title deeds into the correct person’s hands with the minimum of fuss and cost and all done in as shorter time scale as possible. If you think that this situation may affect you and would like some free friendly advice from a professional get in contact with us by following this link to our website. Click here