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Property law loophole losing tax revenue millions

Property law loophole losing tax revenue millions - property law - property taxes - Cyprus

Everyone knows that there are massive loopholes in the island’s antediluvian property laws. Shouldn’t these be plugged before the banks start selling off people’s homes as demanded by troika?

IN A RECENT interview with the media House Speaker and leader of EDEK, Yiannakis Omirou, said that tax evasion was a crime against the people of Cyprus especially under today’s circumstances.

He assured reporters that EDEK is ready to vote in additional legislation to stamp out tax evasion.

I wonder if Mr Omirou is aware of the loophole in the property laws that enable people to reduce their property tax liability by not having their Title Deeds updated when they erect a building on their land? Is he and his party prepared to stamp it out?

Here’s how the loophole works>I should say from the outset that if you have already bought a house you will not be able to benefit from this loophole.


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