Buying & Selling Property in Cyprus Without Title Deeds
Many home buyers in Cyprus purchase their homes without title deeds because of the system in Cyprus and the lengthy process that is involved. Many home buyers go through the process with out truly understanding it until they must sell. Most buyers think that they will not have this problem when they purchase and many believe that they will hold on to their property for many years and will have received the title deeds by then.
Then, for some reason the owner wants to sell without the deeds. What do you need to do? Here are the details of the procedure that will occur during the selling or buying process which is good to know in both scenarios. The Cypriot legal system requires that every sale of property is to go through a tax system which is either capital gain tax or income tax. The income tax is imposed for dealers and developers or individuals who may buy and sell more than 2 to 3 properties. The capital gain taxes are estimated in the region of 20% after the following deductions are made-