Tax payable of transfer of title

15 September 2021 DOM LiVE
161 1

Hello,

We have an all to common scenario where our developer has gone bust and disappeared. We have gone through all of the steps with Peyia Municipality and are now dealing with the receivers who are in the process of splitting up the title for the single plot into seven. Five have villas, the other two have not broken ground. The properties were purchased in 2006.

The receiver has sent through a valuation form against the seven plots and requires signatures by the legal owners against those valuations.

These valuations differ considerably from the values of the original contract, in our case they are significantly higher.

When and if the titles are split, we would want to transfer them to our ownership.

My questions are with regard to tax.

  1. Will transfer tax be applicable as the developer has gone bust?
  2. If transfer fees are applicable will the be based on the contract value or the value on the valuation forms?

Many thanks in advance.

Kirill Ravchenko
Kirill Ravchenko
15 September 2021 15:59
1. Yes
2. They will be based on the cost of the contract.
Place qoute
Interesting offers

Villa with sea view

€ 995 000

House for sale in Pissouri

€ 219 000

Investment project in Limassol

€ 1 230 000

Villa for sale in Latchi

€ 900 000

Penthouse for sale in Limassol

€ 3 600 000

House for sale in Limassol

€ 1 200 000

Luxurious duplex penthouse!

€ 7 500

Villa for sale in Limassol

€ 1 190 000

Modern 3-storey building for rent

€ 21 000

Villa for rent in Limassol

€ 10 000
Компания «Dom Real Estate» Контакты:
Адрес: Limassol, Cyprus,
Телефон:+357 25 212 212, Электронная почта: info@dom.com.cy