Owning property in Cyprus with Cyprus company, how will this effect me?

[MiltonStone]

I own property in Cyprus and just read the below:

The Government of Cyprus has announced plans to amend the country's Immovable Property Tax, exempting the lowest-valued properties but also scrapping a EUR75 minimum payment.
Property tax in Cyprus is currently based on valuations made in 1980, although the amount payable by a taxpayer is determined by their total property value taken together. If the Government’s intentions become law, those whose total property is valued at EUR5,000 or less will no longer have to pay anything. Total property valued at between EUR5,000 and EUR40,000 will now be taxed at 0.6 percent.


A Government spokesperson explained that the move, decided at a cabinet meeting in Troodos, would correct distortions in the tax system and remove an administrative cost.


From next year, the 1980 valuation will be updated to 2013 values. The spokesperson added that it was expected that the re-valuation would return EUR10m to taxpayers.


Property tax in Cyprus is due to be paid by November 15. It was also recently announced that those who pay by October 16 will receive a 10 percent discount, but that those who miss the deadline will be subject to a 10 percent surcharge.

How do I have to understand this to effect me?

 

[Sany zeth]

could you elaborate more which type of company do you have in cyprus?

 

[Anton]

I think she's worried because there could be a problem in her property because of a certain change in Cyprus. I think you need a professional help.

 

[Lyanna]

Probably the tax could go higher in Cyprus because of the issue, but it won't go larger than other countries. Cyprus is still a favorite Tax haven choice for Offshore bankers.

 

[Sansa]

Its gonna affect Cyprus for sure. It will boil down to their investors on how they will come up at top again.