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Tax May be Imposed on Sale of GC Properties in North Cyprus

Tax May be Imposed on Sale of GC Properties in North Cyprus

June 22
11:01 2018

The TRNC government and President Mustafa Akinci are cooperating in the preparation of a draft-law which will impose a local improvement tax on Greek Cypriot properties in the North, to pay compensation to their former Greek Cypriot owners.

The tax will be paid in the event of a sale or transfer of Greek Cypriot property by the person who is currently occupying it. The money levied from this tax will be transferred to the Immovable Property Commission (IPC).

Turkish Cypriot daily ‘Volkan’ describes the development as “a serious step that will nullify the TRNC’s title deeds” and writes that the reason for this “wrong move” is the abandonment of the Turkish side’s position on solving the property issue through global exchange and compensation.

The paper adds that in this way, the solution of the property issue through courts on an individual basis is being adopted, just as the Greek Cypriots wanted.

Volkan