Information wanted on long term rental

The butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
05/09/2008 13:08

Hi All,



Can anybody tell me what is involved in renting out a property long term, say for a year. I know there is 10% tax to pay but I have read that there is another tax of 5% to pay for stamp tax. Who pays this? Do I need to have the agreement stamped by a notary? Does anyone know if any of the agents can do this work for a one off payment as I have already got a tenant? Any advice would help.



The Butlers wife

ozankoys


Joined: 20/06/2008
Posts: 905

Message Posted:
05/09/2008 13:16

The Stamp Duty is 0.5% which must be paid before you can pay the 10% Rental Tax, a notary is not necessary. You have to have a copy of the contract for the Stamp Duty Dept, a copy of the Stamped Contract for the Rent Tax Department + copy of the owner's passport.

We can do this for you if you wish please PM.

The butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
05/09/2008 13:30

Hi Ozankoys,



I have already paid my stamp duty on the bungalow and have a stamped contract. The property is also registered at the land registry, is this what you mean? If you let me know where you are, I am in Cyprus next week and will call in to see you. Please email me on stephenmeacher@aol.com. thank you for your help.