Announcements

Reserve Rights on Property Transfer

Ιn the form of a right of usufruct or possession of a property, arises. Ιn this case, when a property is transferred from one person to another. The provider (the transferor) retains for himself (not transferring) the right to have the property or the right to property on it or another right.

The reservation is made by a written declaration. Βoth of the transferor and the person accepting the transfer, in the Transfer Form itself (N.270). Registration of task takes place at the same time as registration of the transferred property.

In the case of a reservation right,the provider has a share in the property, the application is not accepted. The co-owner / s of the remaining shares is required to grant the same righτ. (Οn the special form N.251A). However, when the transferred property is held distributed during the transfer by the provider of its share, the co-owner’s consent is required for the part to be exercised.

​Transfer of Immovable Property

The Immovable Property (Transfer and Mortgage) Law 9/65

Transfer of immovable property means the passing of the title of immovable property from one person to another. So, in order of this act , that actually could happen, it needs the completion of Form N.270 which is the Declaration of Transfer of Immovable Property. The certificate of registration, or title deed of the immovable property which is to be transferred, must be attached thereto. Where the transfer of the property takes place at a Lands Office.

Obligation to submit an immovable property declaration

Because of all persons who have immovable property in the Republic of Cyprus, they have to pay tax in respect of that property. The property tax is imposed by virtue of the Immovable Property Tax law of 1980. It is imposed on the property held as at 1st January of each year. And is calculated using the 1/1/1980 total market value of the immovable property in the Republic.

In order to enable the above, all persons who held property at 1.1.1980, must submit Immovable Property Declaration (Έντυπο Τ.Φ.301) ,then the computation of the tax of 1980 .Details of their Immovable Property as at 1.1.1980 (Έντυπο Τ.Φ.302).

Every person who acquiesce or disposes of immovable property is obliged to submit an Additional Declaration of Immovable Property (Έντυπο Τ.Φ.303)
and pay the tax regarding that property.

Apostille Convention

The Apostille Convention is an international convention. It is created by the Hague Conference on Private International Law. This convention specifies the formalities through which a document issued in one of the signatory countries. In addition it can be certified for legal purposes in all the other signatory countries.

It is an international certification comparable to a notarization in domestic law. Normally supplements a local notarization of the document. In other words if the convention applies between two countries, such an apostille is sufficient to certify the document’s validity. Because of that, it removes the need for double certification by the originating country and then by the receiving country.