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IPC Proposes 15% Tax on Greek Cypriot Properties

IPC Proposes 15% Tax on Greek Cypriot Properties

March 05
14:43 2018

People who occupy properties abandoned by Greek Cypriots in 1974 could face a tax bill of 15% under a proposal by the head of the Immovable Property Commission (IPC), Ayfer Said Erkmen.

Introducing a levy on such properties would help to pay off the accumulated compensation claims lodged with the IPC by Greek Cypriots who owned properties in the north, he said.

Payouts have slowed in recent years because of a lack of funding. Despite this, applications have increased after the latest round of Cyprus negotiations in Crans-Montana, Switzerland failed last July.

North Cyprus News - Immovable Property Commission - IPCSince 2006, the IPC has paid out almost £270 million in compensation. However that figure only covers around 20% of the 6,413 applications for compensation made to the commission.

The head of the IPC has proposed that anyone holding an exchange title deed would be obliged to pay tax on the property to help boost the IPC’s compensation fund.

Cyprus Today