My husband and I bought a flat in Limassol in 1978 and it is in our both names (we are American citizens). We have a daughter, if anything happen to both of us can our daughter take the flat without any special paper from a lawyer?
No. You need to go through the process and have an administration. A simple way out is to transfer the property to your daughter and reserve on title a life interest for both of you.
We live in the UK and are looking at buying a holiday home in Cyprus. The developers have bought the land but nothing is built yet, they are in planning stages.
Planning is likely to go through in March and the build will take approx 18 months. They are saying we only have to pay 5% VAT and they will apply to the tax office as it’s our main residence. Knowing the VAT laws are changing in January, is this correct? What if we wanted to sell in say 3 years?
We could put a deposit down to secure the plot but we are worried as we have never bought out of the UK before.
VAT on houses 5% or 19% will not change. As you say the 5% refers to permanent residences only. You need to carry out your due diligence through the use of an advocate and I suggest that you wait for the issue of the planning permit first prior to paying anything. The advocate will check for any mortgages and other incumbrances if any.
If you decide to sell your house prior to the 10 year period, you must refund to the Tax Authorities the VAT.