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Cyprus Eastern Forum Index » Ask Nigel A Question » Giving my daughter our house in Cyprus as a gift
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Giving my daughter our house in Cyprus as a gift 
Post: #1   PostPosted: Tue Feb 26, 2019 11:59 am Reply with quote
pyrkosc
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Hi Nigel how easy is it to transfer our Cyprus home to our daughter as a gift
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Re: Giving my daughter our house in Cyprus as a gift 
Post: #2   PostPosted: Tue Feb 26, 2019 12:03 pm Reply with quote
Steve - SJD
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pyrkosc wrote:
Hi Nigel how easy is it to transfer our Cyprus home to our daughter as a gift


Here's an earlier thread that you may find helpful:
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Cheers

Steve
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Post: #3   PostPosted: Tue Feb 26, 2019 3:25 pm Reply with quote
nhowarth
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Thanks Steve

Cheers

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Post: #4   PostPosted: Thu Feb 28, 2019 9:31 am Reply with quote
pyrkosc
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Cheers Steve
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Post: #5   PostPosted: Sun Apr 07, 2019 11:34 am Reply with quote
pyrkosc
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Hi Nigel our lawyer has stated that because I’m a “loyal” client the cost to give my daughter the house as a gift would be €1000 does this sound excessive
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Post: #6   PostPosted: Mon Apr 08, 2019 6:43 am Reply with quote
nhowarth
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pyrkosc wrote:
does this sound excessive


Yes! I suggest you get in touch with a couple of lawyers on the list provided by the British High Commission for competitive quotes -
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Regards,

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Post: #7   PostPosted: Mon Apr 08, 2019 10:04 am Reply with quote
pyrkosc
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Just as I thought. Thank you
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Post: #8   PostPosted: Tue Apr 09, 2019 5:52 am Reply with quote
carollynne
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Hi,
I sent you an email with some info, not sure if you received it, it may have gone in spam folder.
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Carollynne
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Post: #9   PostPosted: Thu Apr 11, 2019 4:46 am Reply with quote
gazzaga
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As a matter of interest, does anyone on the forum know if this can be done without a lawyer's input? I can't imagine many of the locals paying a lawyer for this type of transaction.
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Post: #10   PostPosted: Thu Apr 11, 2019 7:42 am Reply with quote
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gazzaga wrote:
As a matter of interest, does anyone on the forum know if this can be done without a lawyer's input? I can't imagine many of the locals paying a lawyer for this type of transaction.


Doesn't matter what the locals do, i've always paid for a good lawyer/accountant, get it done right, peace of mind is worth more then a few bob saved.

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Post: #11   PostPosted: Thu Apr 11, 2019 7:51 am Reply with quote
Santorini Paul 1
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Hi Nigel,
I read the attached thread regarding CGT. Would it be possible to sell a property to your children for a price that would mean I had no CGT liability and they would have a much reduced liability when they came to sell. I could then possibly gift them the equivalent money to recompense them and hopefully survive them by 7 years. None of us are resident in Cyprus.
Thanks,
Paul.
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Post: #12   PostPosted: Thu Apr 11, 2019 9:20 am Reply with quote
gazzaga
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Blossom wrote:
gazzaga wrote:
As a matter of interest, does anyone on the forum know if this can be done without a lawyer's input? I can't imagine many of the locals paying a lawyer for this type of transaction.


Doesn't matter what the locals do, i've always paid for a good lawyer/accountant, get it done right, peace of mind is worth more then a few bob saved.


Thanks Blossom, I wasn't asking from a cost saving point of view. If you can legally gift a property to a child, there is no potential for loss on either party, except of course the cost of a lawyer. If the end result is that the property has passed from parent to child, where can the additional peace of mind be gained?
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Post: #13   PostPosted: Thu Apr 11, 2019 9:33 am Reply with quote
Blossom
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gazzaga wrote:
Blossom wrote:
gazzaga wrote:
As a matter of interest, does anyone on the forum know if this can be done without a lawyer's input? I can't imagine many of the locals paying a lawyer for this type of transaction.


Doesn't matter what the locals do, i've always paid for a good lawyer/accountant, get it done right, peace of mind is worth more then a few bob saved.


Thanks Blossom, I wasn't asking from a cost saving point of view. If you can legally gift a property to a child, there is no potential for loss on either party, except of course the cost of a lawyer. If the end result is that the property has passed from parent to child, where can the additional peace of mind be gained?

Just me, if you ask ten people you get ten different answers, where legal or accounting jobs need doing I always let the professionals do the work for me, that's what I meant by peace of mind, good luck.

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Post: #14   PostPosted: Thu Apr 11, 2019 9:55 am Reply with quote
nhowarth
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Santorini Paul 1 wrote:
Would it be possible to sell a property to your children for a price that would mean I had no CGT liability and they would have a much reduced liability when they came to sell.


You could say you sold the property to your children - no money would need to change hands. But your children would have to pay the Property Transfer Fees (and you could give them the money to pay these if you wished).

You'd need to work out the math to see if this would work out cheaper for them when they sold.

Regards,

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Post: #15   PostPosted: Thu Apr 11, 2019 2:59 pm Reply with quote
cansweet
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Would this not be considered as Tax evasion as against tax avoidance?
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Post: #16   PostPosted: Fri Apr 12, 2019 6:21 am Reply with quote
nhowarth
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cansweet wrote:
Would this not be considered as Tax evasion as against tax avoidance?


Possibly.

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Post: #17   PostPosted: Fri Apr 12, 2019 8:29 am Reply with quote
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nhowarth wrote:
Santorini Paul 1 wrote:
Would it be possible to sell a property to your children for a price that would mean I had no CGT liability and they would have a much reduced liability when they came to sell.


You could say you sold the property to your children - no money would need to change hands. But your children would have to pay the Property Transfer Fees (and you could give them the money to pay these if you wished).

You'd need to work out the math to see if this would work out cheaper for them when they sold.

Regards,


Actually, I think this may not be accepted. Once a sale is declared, the tax authorities would ask about the source of the money , even though, theoretically, no money changed hands Upon sale, the tax man may even enquire as to how your child was able to purchase the property and have to prove where the money originated from.

Lawyers are not necessary, but it does require a shed load of forms to be completed at the tax office and then the ones at the land registry. You would need one of these conveyancers (?) to complete this process. Whether for gifting or selling.

As for the capital gains tax upon resale, the original selling price would be taken in to consideration anyway, so tax would be paid on gains only.

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Giving my daughter our house in Cyprus as a gift 
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