A quick transfer when needed...

[tsadapeter]

Nigel,

i found a post of yours on a similar matter on another forum but that was from 2007. Things may have changed.

Although I am a great believer in Brussels IV (Succession) I am not sure whether chosing my national succession law will prevent my then widor from going through probate.
In order to simplify matter I want to be in a position to quickly gift my house to my wife should I feel terminal ill one day swiftly and such keep it out of the probate process.

Ideally I would want a “ready to use” document in my drawer which I the just sign in the presence of witnesses. In the context a couple of questions arise:

- Are templates (valid in Cyprus but in English) for such “simple” gifts to be found anywhere?
- What is the process after signing and how quickly can it be done? Just such that the property is no longer part of the estate?
- Is paying fees at the land registry the “critical act”? Surely that can be done in a day?
- I understand that for a transfer one needs “tax clearance”? What tax? IPT and municipal tax only or income tax also (with them being behind many years that would be a nightmare)?

Thanks in advance for maybe answering a “boutique” question.

Peter
-

[Nigel-Howarth]

Hi Peter

I suggest you read Section 3.2 of the Department of Lands and Surveys Citizens Charter which describes process and forms for transferring a property.

Basically you'll need to complete a Form N.313 available from http://www.moi.gov.cy/moi/DLS/dls.nsf/A ... penElement

and a Form N.270 from the Land Registry.

(Both the above in Greek - English translations not available)

The article lists other receipts for various taxes, etc. that are needed and where they can be obtained.

As you'll be gifting the property to your wife, the Property Transfer Fees will be calculated at 0.1% of the property's 2013 value.

For the transfer to be accepted both you and your wife must present yourselves at the Land Registry with your passports. On paying the transfer fees, the property is transferred.

I assume you have the property's Title Deed?

(A good friend of mine passed away a few years ago. He knew he was terminally ill and managed to transfer his share of the property to his wife before he passed away.)

Regards,

[tsadapeter]

Thank you,

this Citizens´Charter is a wonderful document. Is it as widely known as it should be?

For us in the villages the "clearance" certificates only seem to be IPT and communal charge. Capital gains tax is not applicable in case of a gift, I presume??

So now the question is where to find a template for the deed which I can fill in myself. I suspect the ones available on UK websites won´t work here?

I have asked a lawyer and he said he wanted 1500€ to arrange the transfer. There must be cheaper ways?

Many thanks so far,
if you know more, please share with me/us

[trevnhil]

Peter our family have done a transfer from one person to another family member. We paid a person to do it that runs this sort of service. The cost really was negligible.
Look online for Gwennys red tape services and ring her and then go and have a chat.

Trev..

[tsadapeter]

Good idea, will do so. Thanks.
But will they have templates for contracts/deeds?

[trevnhil]

I don't think there is such a document in Cyprus. As Nigel said you need to fill in forms in Greek.
If you ask what they are and how quickly it can be done you will be better informed.

Trev..

[Nigel-Howarth]

But will they have templates for contracts/deeds?

You do not need them - just take yourselves, your passports, cash/cheque/plastic, the completed forms and receipts to the Land Registry.

Regards

[Nigel-Howarth]

Oops, I spotted a typo in my first reply, which I've corrected:

Property Transfer Fees will be calculated at 0.1% of the property's 2013 value.

Cheers,

[tsadapeter]

Thanks,

the two numbers for transfer fees appear identical.

The question now is:
- Fill in form now, get clearance for up to now and leve everything in the drawer, hoping that there will be tome enough to get fresh ones when the situation arises?
- or transfer now? But then, what happens if she falls out of the sky?
- A deed could be made revokeable, I believe ???

[Nigel-Howarth]

Hi Peter - I corrected the typo in my first reply.

How you deal with matters on your demise is a decision that only you can answer. (and what happens if you dies at the same time?)

You could also put the property a trust.

Regards,