Cyprus Property News
Cyprus | Posted:

Property Taxes

Mr George Strovolidis, the President of the Association of Property Owners Cyprus (KSIA), speaking at the Annual General Meeting of members of the Association, stressed the fact that "We must try to keep alive the real estate sector in 2012 given the crisis, not to reduce the state revenues, so it is necessary to complete reform of a more equitable and efficient system in the property sector"

The President of KSIA, initially raised the issue of taxation of Cyprus real estate property, noting that today's taxes are many and the system is complex. Hence, the Association recommended tax reform mainly on the issue of simplifying the system. The suggestion is to have a tax on acquiring or obtaining possession of property and another tax at the disposal of the property.

According to a report presented in Vienna, Strovolidis added, there is proof that there is heavier taxation of property in Cyprus compared to other European countries. This report has been circulated to the Ministry of Finance and the House Finance Committee. Regarding the controversial issue of the RENT CONTROL ACT, the President said that the KSIA has made a historical decision to apply to the European Court of Human Rights and the issue is already being handled by the lawyer Achilleas Demetriades.

Finally, the President of KSIA made reference to the actions of the Association during the years 2010 and 2011. More specifically, the KSIA has developed a strong presence in parliamentary committees and debated bills and law proposals relating to real estate. The Association also worked closely with relevant Government departments, eg Land and Ministry of Interior.

A study prepared by the member of the Board Yiannos Pipi, shoed the lack of competitiveness of the center of Nicosia and promoted the establishment of a committee on issues of Nicosia chaired the Board member Giorgos Georgiadis. Also, the Association was actively involved in discussions on the new Local Plans cities and helped to opposition members.

During the General Assembly a body the new Board the Association, composed of President George Strovolidi, Hadjikyriakos Louki Assistant President, Spiro Spyridaki Nicholas and Anna Sotiriadou Vice, Panayiotis Panayi Secretary-Treasurer D. Olympian and members Nick Farmer, Yiannakis Christodoulou, beets Pampa, Muslim Sophocles, Georgiadis George Giannopoulos Stelios, Pipi John, Solomonidi Dino, Nick Kosmas, Farmer Stavros Iacovidis Chrysis, D. Dimadi, Giorgakis Ella Eleftheriadou Christiana, Kyriakides Herodotus Gialeli Marino, George and George Sotiriadis Mouskides.