Following the extension of tax relief on disposal of immovable property for the purposes of restructuring non-performing loans introduced by Laws 96(I), 98(I), 99(I) and 100(I) of 2018, the Cyprus Tax Department has announced that its form 415 (Disposal of Property due to Loan Restructuring) has been revised and a new form 415B (Immovable Property Declaration due to Loan Restructuring – Supplementary Certificate) has been published. Both are available on the Tax Department’s website.
The recent amendments to the law extend the tax exemptions available for loan restructurings to sales of immovable property to non-connected persons for the purpose of repaying loans which were not being serviced at 31 December 2015, as defined in EU Executive Regulation 2015/227.
For the purpose of deciding whether the disposal is to a non-connected person the definition of connected persons contained in article 33 of the Income Tax Law will be used.
For further information please contact Constantinos Christofi or your usual contact at Elias Neocleous & Co LLC.