SINCE announcing that those who purchased property for which a Title Deed has yet to be issued are required to pay Immovable Property Tax this year, I have been inundated with requests for further information.
I am grateful to Mr Christofi at the Finance Ministry’s Tax Department for providing me with the following advice:
Any person who has purchased and has the use of an immovable property in Cyprus (before 1/1/2014), for which a Title Deed has yet to be issued, should complete the Declaration of buyer/assignee/beneficial owner (Form T.D. 318A) 2014, even if the development company is in the hands of the Official Receiver or a liquidator.
In case that the vendor (developer) of the property is unwilling to provide the buyer with all information needed to complete the above mentioned Form, the buyer may provide us with any information that would be useful in order to be able to proceed with a valuation of the property as at 1/1/1980. This information may include description of the property such as the area where the property is located, square metres of the land and building, description of the building e.g. house, apartment, number of rooms etc.
Please note that, in case where the buyer (non-Cyprus resident) has not yet obtained a Cyprus Tax Identification Code (T.I.C.), he should fill and submit the “Registration form of new taxpayers” (Form I.R.163A), which should be accompanied by a clear copy of the relevant page of his passport, in order to be registered with the Tax Department for immovable property tax purposes.
The above mentioned Forms and documents should be submitted to the District Tax Office where the property is located.
Completing form 163A
To be submitted by non-residents of Cyprus who do not have a Tax Identification Code (TIC).
Complete sections 4, 6, 10, 11, 12, 13, 16, 22 and in section 14 tick box 92 – Individual with Immovable Property obligation ONLY, plus their name, signature and date at the bottom.
Form T.D. 318A 2014
Author: Nigel Howarth, news.cyprus-property-buyers.com