CYPRUS LAWYERS ADVISE ON CLAIMING MONEY BACK ON CYPRUS PROPERTIES

3:37 pmin Cyprus Lawyers, Cyprus Property Lawyer2 Comments Off

Cyprus Lawyers – Review – 6 % Donation Claim completed on 18th January 2010 –  Cyprus Property.

We would like to take this opportunity to advise our clients on the procedure for claiming 10% donation on property in Cyprus and the restrictions that apply also. This procedure was previously known as the VAT refund.

Purchasers of properties in Cyprus can apply for the donation of approximately 6 % of the Cyprus property value, as per the land registered contract.

Relevant forms must be filled in and signed from the property purchaser, the developer and also from the architect of the specific project.  They must then be sent to the Department of Donations which is part of the Cyprus Ministry of Finance.

In order to proceed with the claim for 6 % of the property value, you should acknowledge that there are some restrictions and they are as follows:

  1. Only European Citizens are allowed to apply for the donation or Non European Citizens who permanently lives in Cyprus.
  2. The applicant must be 18+ years old.
  3. The square meters of the house/apartment must be up to 250 square meters.
  4. The house/apartment must be the first property of the Purchaser and it must be used for ownership-occupancy.
  5. The application for the planning permit must been deposited after the 1st of May 2004.

Also, you should attach with the application the documents below:

  1. Copy of Planning Permit application
  2. Copy of Planning Permit and Building Permit
  3. Copy of the contract of sale
  4. Water or Electricity bill which will be used as evidence for your ownership-occupancy.
  5. Copy of  ID card or Passport
  6. For married people, Marriage Certificate

Within approximately a month from the receipt of the above documents you will receive a letter from the Department of Donations, to inform you as to whether your application was approved.

A&G Kouzali Law Office provides a full service for this procedure. If you would like further information visit our website at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 18th JANUARY 2010.

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