Real Estate · Cyprus

New process allows sale of seized properties for debtors to the tax office.

7 sourcesFirst reported 16 days agoUpdated 15 days ago

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The Independent Authority for Public Revenue (AADE) is set to issue a decision that will allow the sale of properties seized due to tax debts.
The new framework will facilitate the transfer of thousands of seized properties, providing relief for indebted owners.
Previously, these properties faced a prolonged blockage in sales due to outstanding debts to the tax authority.
The implementation of this decision is anticipated to take effect in the coming days.
The revised procedure will outline conditions under which debtors can clear their obligations and unlock their properties.

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The Independent Authority for Public Revenue (AADE) is set to introduce a new regulation aimed at facilitating the sale of seized properties from debtors. This decision, anticipated in the coming days, is expected to pave the way for thousands of properties that have been confiscated due to overdue tax debts to be transferred. The new framework will activate a process for lifting these seizures, thus allowing property owners to sell their assets under specific conditions.

The regulation is designed to provide relief to property owners who have been unable to sell their seized assets due to outstanding debts to the state. According to reports, the new provisions will detail the criteria debtors must meet to qualify for the lifting of seizures, potentially enabling them to navigate their financial obligations more effectively and reclaim their assets. The AADE's initiative indicates an effort to streamline property transactions for those affected by tax-related seizures, thus opening a path towards greater financial autonomy for many individuals in significant debt.

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New process allows sale of seized properties for debtors to the tax office.

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