Cyprus Property Action Group Wants Answers to Immovable Property Tax

Description:

In Cyprus immovable property tax is an annual tax charged to all owners of properties valued above CY£100,000.  The value is based on the 1980 value of the property or developers site.
 

Several developers have illegally charged home buyers this tax based on the purchase price of the property, falsely telling buyers that this is what they have to pay the Inland Revenue.
 
It is the developer who has to pay this tax until the title deeds are transferred into the buyers name.
 

This matter has been raised with the police and senior government ministers to no avail.
 

The Cyprus Property Action Group has now written to President Christofias to demand an immediate Presidential Review into why buyers who believe they have been tricked into paying this tax by some developers have been refused police assistance.
 

CPAG supporters have also been lobbying their MEPs in Brussels about property problems in Cyprus.