Since Cyprus’ EU accession in 2004, a standard VAT rate of 19% is required to be paid when buying a new property.
However, following a recent VAT Amendment Law, a reduced VAT rate, starting from 5%, is applicable for the acquisition of new residential properties.
For the reduced rate to be in effect, certain terms and conditions must be met:
The reduced VAT rate of 5% is applied on the first 200 square meters (building coefficient) of the property as per the architectural plans submitted to the Authorities. On the remaining square meters, the standard rate of 19% is imposed.
Part of the prestigious Lanitis Group, Cybarco has more than 70 years of expertise and is responsible for the development of large and high quality projects both in Cyprus and abroad.
Cybarco is the leading luxury property developer in Cyprus with offices in Cyprus, Moscow and St. Petersburg. The company is responsible for bringing many of the island’s landmark projects to fruition...
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