Earlier today CPAG, the Cyprus Property Action Group, issued an update regarding transfer taxes (Property Transfer Fees) and IPT (Immovable Property Tax)
CPAG is organising a series of demonstrations in efforts to force the banks in Cyprus to disclose details of mortgages taken out by property developers to those homebuyers who have been duped into buying mortgaged property.
The Cyprus Government is responsible for the lack of regulation and law enforcement in the property sector must now take full blame for any bad publicity resulting from their abject failure to act.
The Immovable Property Tax law based on 1980 values is to most foreigners a very confusing concept which has no parallel in other EU countries. Relying on this confusion, developers ensnare and contain clients in the Title Deed trap.
Just as anyone in Cyprus can become a property developer overnight without any requirement for qualifications, regulation or financial standing, there are even more...
Article 23 of the Cyprus Constitution is forthright about the property rights of individuals, including the provision for Government compensation in certain situations. However,...
FOR THE CYPRUS PROPERTY sector, the current worldwide ‘credit crunch’ in banking adds to other hazards that may affect its attractiveness as an investment...
