Cyprus property tax vote to take place this week
The tax has been subject to debate for several months on the struggling island. Levies are currently being issued to homeowners with a 1980 property value of at least €12,500 in an attempt to raise much-need funds. The target is €75 million. So far, the state has collected €14.4 million.
With the island running out of time to gather the cash, the Inland Revenue has taken significant numbers of new staff to ensure it is carried out as soon as possible. Nonetheless, there are some issues among residents, who are confused about how their IPT has been calculated.
The tax is retroactive and applied to all those who owned eligible property as of the 1st January 2013, meaning that some Cypriots who have since sold their home are still facing charges. The House of Representatives also need to vote on the law, despite the changes already being agreed by the Cabinet several weeks ago.
Some of the changes include abolishing the minimum payment of €75, exempting those whose properties have a 1980 value below €5,000, and ensuring that those with values above €5,000 are levied for their home ‘s full value, regardless of the €5,000 allowance.
That vote is now expected to happen on Thursday, reports Cyprus Property News.
Other property investment news this week:
Middle East buyers pour into high-end Paris
Middle East buyers are pouring into Paris’ high-end market, according to agents.
As the Syrian civil war continues to take tragic casualties, Arab investors are looking for more stable places to invest. The French capital is near the top of the list, with agents recording a bounce in sales of property worth over €1 million. Indeed, one Gulf family purchased a 19th Century building for €44m this month, reports the AFP.
“Paris, like London, has a long tradition of welcoming people from the Middle East,” Charles Marie Jottras, chairman of Daniel Feau, told the agency. “The younger generation from the oil kingdoms may have preferred to go and study in the United States but that generation are coming back here now.”
Vietnam real estate Sees "no influx of foreigners"
Vietnam’s real estate market has seen “no influx of foreigners”, despite the introduction of a new scheme to allow any non-national with a visa that has been valid for three months to buy property.
The idea, though, has been met by “a lukewarm response”, according to Jones Lang Lasalle.
Speaking to The Saigon Times Daily, Stephen Wyatt, JLL Director for Vietnam, commented: “This can be attributed to a number of reasons, first and foremost the domestic economy and property market in Vietnam over the past five years has suffered and the majority of foreigners looking to buy residential property have looked for “safe havens” to invest, such as London, New York, Hong Kong and Singapore. Second, the regulations within Vietnam for foreign ownership are considered unclear by many foreigners and then there is the obvious language barrier.”