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Cyprus IMMOVABLE PROPERTY TAX (‘IPT’)

January 1, 1970, 12:00 am
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Every person who owns immovable property situated in the Republic of Cyprus is obliged to pay property tax. IPT is imposed, based on Immovable Property Tax Laws, based on the market value of property 1/1/1980, located in Cyprus.

By Jennifer Petridou Sharpe BSc(Hons), MRICS, ETEK Chartered Surveyor - Property Consultant -  jennifer@cyprusprop.com

 

Under the new tax legislation for IPT, the owners of immovable property situated in Cyprus must pay to the Inland Revenue Department ('IRD') the relevant taxation for the year 2013 based on the following percentages:

Estimated value of immovable property according to prices of 1980

Percentage IPT


 Estimated value of immovable property according to prices of 1980

Percentage IPT

€0 - €5,000

€0

€5,001 - €40,000*

0,6%

€40,001 - €120,000

0,8%

€120,001 - €170,000

0,9%

€170,001 - €300,000

1,1%

€300,001 - €500,000

1,3%

€500,001 - €800,000

1,5%

€800,001 - €3,000,000

1,7%

€3,000,000 and up

1,9%

 

IMPORTANT NOTES FOR IPT

- It relates to immovable property which is registered on each taxpayer as at 1 January 2013.

- It is imposed on the total value of immovable property of each taxpayer.

- It is imposed on immovable property for which no title deeds have been issued yet (e.g. apartment in a building for which no separate title deed has been issued yet).

-In case of a miscalculation, there is a set procedure for refund by the IRD.

- In case the taxpayer believes that the valuation of the Department of Lands and Surveys is incorrect there is a set procedure for objections.

- The notice of assessments is expected to arrive by mail to the taxpayers by 15 September 2013.

- The deadline for payment is by 15 November 2013. In case of non-compliance there will be a penalty of 10% plus interest.

- There will be a 10% discount on the amount due, if repaid before 16 October 2013.

IF I DO NOT HOLD TITLE TO THE PROPERTY?

There are situationswherethe Developer / Contractordespite the completion of the constructionof eachbuildingdo not issue individualtitle deeds.In these cases, responsible to payproperty tax is the registered ownerof the property andthenpaidby the buyer /ownerof the property.


Problemsarisewhere the registered ownersare more than one. The usualpractice in paying the IPT is in proportionto the shareattributableto eachowner.The shareis calculatedbased onthe reportedsquare metersthatareregisteredon the title deeds.

Importantof course is thatnorepaymentis not madeif the ownerdoes not holdthe hands oftitle.

 

WHERE AND WHEN CAN I PAY THE VAT IMPOSED ON ME ?

The payment deadline is November 15th 2013 .

Payments of IPT paid until Oct. 15 will benefit from 10% discount on the outstanding amount. If the amount owed for IPT is paid after November 15th 2013, there will be a penalty of 10 % plus interest and any other applicable administrative sanctions imposed by law.

Cyprus residents - should submit the following documents:

• Registration Certificate (Yellow Slip) ( MEU1 ) .

• A completed Form 303

• Valid passport.

Property owners who do not reside in Cyprus should appoint a representative to act before the local Inland Revenue Department (in Cyprus) by submitting the following documents:

• Copy of Registration Certificate

• Permanent address and contact information.

• Clear copy of their passport.



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Reduced By 29,000 Euros - Larnaca Apartment For Sale With Title Deeds

January 1, 1970, 12:00 am
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This Larnaca apartment for sale with title deeds is only a few minutes drive from the town centre, amongst all amenities, 10 km from the International Airport and easy access to the main traffic routes.
The three bedroom apartment in a two storey building of 4 apartments only, has a covered living area of 114m2 and covered balcony of 9m2. Entrance, living/dining room, separate kitchen, 3 bedrooms, guest WC, main bathroom and covered balcony.
Larnaca Apartment For Sale Title Deeds


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Three Bedroom Ground Floor Apartment in Akropolis Nicosia Only € 85,000 With Title Deeds

January 1, 1970, 12:00 am
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Reduced 250,000 Euros - 5 Bedroom Detached Villa For Sale Alethrico Larnaca Price € 650,000

January 1, 1970, 12:00 am
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This villa for sale in Alethrico Larnaca is close to the Russian Orthodox church, approx. 25kms from Larnaca town, with easy access to the main traffic routes.
This is a beautiful modern house and has been tastefully built to a very high standard, with a covered area of 285m2 and is set on a plot of 615m2. Ground floor: Entrance hall, large living/TV room, office, separate dinning room and separate luxury fitted...

5 Bedroom Detached Villa For Sale Alethrico Larnaca


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Homes Wanted for Our Beautiful Cyprus Puppies

January 1, 1970, 12:00 am
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Fluffy is a Cyprus white poodle and Ray is a cross boxer. Ray is very strong, healthy and fit, he has a wonderful kind and gentle way. Fluffly is young and full of life. They have 5 beautifully strong and healthy puppies all needing home in Cyprus. Born on the 2nd of October 2013 in Limassol Cyprus. Please call me on my mobile 99537985 or email me on andrew@cyprusprop.com

Puppies needing home in CyprusRay

Puppies needing home in Cyprus

Puppies needing home in Cyprus

Puppies needing home in Cyprus

Puppies needing home in Cyprus

 

New Pictures Taken 6/11/2013

Cyprus Puppies Needing A New Home

Cyprus Puppies Needing A New Home

Cyprus Puppies Needing A New Home

 

 


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Luxury Villa For Sale in Strovolos Nicosia Just Listed € 5,500,000

January 1, 1970, 12:00 am
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Evrychou Village House For Sale With Title Deeds - REDUCED 20,000 Euros - Price € 130,000

January 1, 1970, 12:00 am
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4 Bedroom Bungalow For Sale Pyrgos Limassol REDUCED 50,000 Euros - Price € 850,000

January 1, 1970, 12:00 am
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Limassol Property For Sale In Ayios Athanasios - Reduced By 200,000 Euros - Price € 650,000

January 1, 1970, 12:00 am
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The house comprises three levels. The lower ground floor accommodates an independent two bedroom apartment with an open plan living/dining area, separate kitchen and shower/wc. The ground level comprises entrance hall, living/dining area, guest wc, separate kitchen/breakfast area with sliding doors leading to a spacious...

Limassol Property For Sale

Ayios Athanasios Limassol Property For Sale POOL


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An Evening Bag From Panasbag - A Work Of Art From My Wife.

January 1, 1970, 12:00 am
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Leather roses lift this simple evening bag to create something a bit special. Pana creates and combines leathers here to assemble a much loved and sort after treasure. Contact Pana at sharpe.pana@gmail.com or on Facebook at Panasbag.

Leather Evening bag from Panasbag

Leather roses on Eveing bag from Panasbag


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Limassol House WITH TITLE DEEDS For Sale Reduced 125,000 Euros - Price 355,000 Euros

January 1, 1970, 12:00 am
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House + Annex For Sale in Limassol - Title deeds - Two Bedrooms With One Bedroom Granny Flat Price € 230,000

January 1, 1970, 12:00 am
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Just Listed - Beautiful Two Bedroom Penthouse For Sale In Larnaca - Price € 220,000

January 1, 1970, 12:00 am
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This penthouse for sale in Larnaca is located close to St Lazarus Church, within walking distance to the beach and local amenities.
This unique architecturally designed penthouse has a covered area of 85m² and a large veranda of approximately 60m2. Direct entrance via elevator into apartment, living/dining room, open plan kitchen, 2 bedrooms, master bedroom with shower en suite, main bathroom.

Two Bedroom Penthouse For Sale In Larnaca


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Cyprus Sovereign Base Areas Development Agreement In Full

January 1, 1970, 12:00 am
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Limassol Property For Sale Five Bedroom Detached House In Ekali Price € 1,200,000

January 1, 1970, 12:00 am
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This Limassol property for sale is set in a quiet residential street in the exclusive area of Ekali, ten minutes drive north of the town centre and with essential amenities a short drive away.
Constructed on 3 floors, the ground floor is of a split level. This detached house is built on a 1100sqm plot and has a covered area of 350sqm. The house comprises three levels. The ground level comprises entrance hall, dining/sitting area, and TV lounge, separate kitchen with dining area and a guest w/c. The first level accommodates a spacious landing, leading onto a spacious balcony with nice....

Limassol Property For Sale

Pool


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Cheap Pafos Property For Sale - 3 Bedroom Bungalow In Tala Pafos With TITLE DEEDS - Price € 185,000

January 1, 1970, 12:00 am
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Cyprus Property For Sale Or Rent (New Or Old) Must Have Energy Performance Certificates (EPCs) Since 2010.

January 1, 1970, 12:00 am
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Article By: Urban Splash Real Estate & Chartered Surveyors Nicosia Cyprus

All you need to know about Energy Performance Certificates (EPCs) when letting or selling a property - Informing you of how a property performs in environmental terms.

Residential properties in Cyprus, both new and existing, are required by law to be certified. Since 1st January 2010, landlords have been required to provide Energy Performance Certificates (EPCs) to new tenants and buyers as part of the property lettings and selling process. The Cyprus government requires an EPC to be carried out on all homes that are built, sold or rented after January 1st 2010. Each EPC will last for 10 years.

The idea by introducing Energy Performance Certificates is that they will help prospective buyers, tenants, owners and occupiers to easily compare the energy efficiency of one building with another building of the same type, so that they can consider fuel costs and energy efficiency as part of their investment.

Actually, the idea behind the EPC is not just for Cyprus, but a Pan Europe scheme, which has already been implemented in most other countries.

Do I need an Energy Performance Certificate (EPC)?

It has been a legal requirement, since 1 January 2010, for all landlords (or someone acting on their behalf, such as an estate agent) to have a valid EPC for their property before it can be let or sold. This must be made available free of charge to the potential buyer/renter, and should be when you are first given written information about the home or when you view it, and before you enter into any contract to pay rent to the landlord.

If you are already renting a home on 1 January 2010 and carry on living there after that date, your landlord does not need to provide you with an EPC. An EPC is now also becoming a prerequisite for mortgages being secured and should form part of your checklist.

The point of the EPC is to force properties to become more energy efficient. The EPC and the recommendations that come with it give you important information about your home's energy efficiency. The certificate will provide you with information about how much it is likely to cost to run the home you are interested in renting or buying. The estimated running costs are based on:

  • standard assumptions about a property, including how many people will live there and how long it is heated each day; and
  • average fuel prices when the EPC was produced - these could be up to 10 years old.

The actual energy used in running a property will of course very much depend on how the property and facilities are used, i.e. how long is the heating or air conditioning turned on, is the water heated to shower, whether lights and appliances are left on, what type of light bulbs and appliances are being used, etc.

What is an EPC?

An EPC assesses and rates the energy performance of a property, from "A" representing the most energy efficient property to "G" representing the least energy efficient property - similar to the energy performance certificates now provided with domestic appliances such as refrigerators and washing machines. An EPC will also show a building's environmental impact by indicating its carbon dioxide emissions. The EPC shows two things about a property:

  • the energy-efficiency rating (this is based on how much the home would cost to run); and
  • the environmental impact rating (this is based on how much carbon dioxide is released into the environment because of the home).

The rating is based on factors such as property age, layout, construction, heating, lighting, and insulation. The ratings are standard so you can compare the energy efficiency of one home easily with another.

A recommendation report forms part of the certificate. This is a list of ways in which the energy efficiency of the home could be improved. This must be carried out by a qualified Domestic Energy Assessor.

How long is an EPC valid for and what does it contain?

A valid EPC will last for 10 years and can be used for multiple tenancies within that period.

The EPC report includes cost-effective recommendations split into low-cost and high-cost improvements. The report also includes more advanced energy improvements that your landlord could make to a home to help it reach the highest possible energy efficiency standards. Many of these improvements are expensive and will take much longer to pay for themselves.

Some cost-effective recommendations for improving the energy efficiency of a home could include:

  • using low-energy light bulbs or perhaps even LED lighting in areas where significant lighting is not required
  • adding insulation, very important for more efficient heating and cooling
  • double glazing windows
  • Sun proof window blinds can significantly help keep a property cool during summer, as can shade from plants
  • Think smart about the use of appliances, such as when cooking or showering in the latter part of the day when water is already heated from the sun and solar panels

In certain circumstances, you may be able to apply for grants to carry out these recommendations, such as solar devices, wind generated power, and water efficient mechanisms, among other.

How do I order an EPC?

Urban Splash are able to arrange for an EPC to be carried out on your behalf by a fully certified advisor/consultant in order to avoid any delays letting your property.

  • The cost of an EPC will be from 200 + VAT
  • Urban Splash will keep a digital copy of the EPC in case it is ever misplaced

For more information on how we can arrange your EPC immediately, call Urban Splash in Nicosia on:


Urban Splash Real Estate & Chartered Surveyors
12 Promitheos street
1065, Nicosia, Cyprus.
Telephone:+357 22 27 00 19
Mobile:+357 99 43 44 51
Fax:+357 22 26 28 12
E-mail: info 'at' urbansplash.com.cy

 


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Very Cheap Limassol Apartment For Sale Reduced 50,000 Euros - Price € 200,000

January 1, 1970, 12:00 am
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This apartment with roof garden in Kapsalos Limassol is close to all everyday amenities and facilities, with easy access to the highway linking all major towns and less than 10 min. drive to the sea front.
This fully furnished apartment consists of a sitting/dining/kitchen area, three bedrooms, a family bathroom, a guest w/c with shower and two balconies. Also has his own private roof garden with a BBQ area.

Very Cheap Limassol Apartment For Sale


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Oroklini Property For Sale With Title Deeds + Pool - 4 Bedroom Detached House Price € 230,000

January 1, 1970, 12:00 am
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Oroklini property with deeds and pool for sale set in a quiet part of the village, 10 km north east of Larnaca town, 4 km to the nearest beach, with easy access to amenities and the main traffic routes.
This four bedroom detached house with a private swimming pool has a covered area of 160m2, and sits on a plot of 273m2. Ground floor: Entrance, reception room, separate kitchen breakfast room and guest w/c. First floor: 4 bedrooms, main bathroom and balconies.

Oroklini Property Deeds Pool - Four Bedroom Detached House For Sale


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Pissouri Bay Beach Front Apartment For Sale With Title Deeds Two Bedroom Price € 375,000

January 1, 1970, 12:00 am
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A unique and rare occasion to the Cyprus property market comes this Pissouri beach front apartment for sale situated right on the beach front with many restaurants shops and bars nearby.
This beautiful ground floor apartment is maintained to a very high standard with a few steps down to the apartment with garden areas to the left as you enter the open plan kitchen/sitting/dining room with stunning views through the arch way to the Mediterranean Sea and a veranda on the front over looking the communal large entertaining area next to the beach. Two bedrooms with fitted wardrobes, main bedroom has views to the sea and direct access to the front veranda.

Pissouri Beach Front Property For Sale Price € 375,000

Pissouri Beach Front Property For Sale Price € 375,000


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