Abolishes Property Tax
Reduction on VAT - for
Cyprus Property News
14/09/2015 - Vindication to "enclaved" buyers w/ title deeds bill vote
At Thursday's session an amendment is expected to be submitted by the DIKO party, which will allow owners to pay transfer duties in instalments. AKEL said that it would be willing to submit a proposal for the bill to protect buyers, who have paid more than 80 per cent of what is due for their property, from divestitures.
Parties said that they were satisfied with the provisions of the draft bill to protect buyers, who fully paid off their debt or are consistent in their payments without having received a title deed, from divestitures.
According to the Land Registry Office, the majority of the 48,000 cases, which have not received a title deed, have moved or will soon move on the process to have title deed given to them. About 2,000 cases that have been licensed for development but were never completed are an exception.
Interior Minister, Socrates Hasikos, said that he was sure the bill to give title deeds to “enclaved” byers would be passed despite the disagreements. Hasikos added that divestiture procedures would not be pursued against buyers who are able to secure a title deed.
The draft bill on “enclaved” buyers is a pre-condition for unlocking the next tranche of about 500 million euros from the adjustment program for Cyprus brought by the lenders.