The Cypriot authorities have changed the rules for calculating VAT when buying a new property.
Cyprus: Instead of raising VAT on real estate purchases from 6% to 19%, the government has reduced it to 5%!
The base VAT rate remained unchanged - 19%, but the opportunity to reduce it to 5% remained for buyers for whom this is the first and main home in Cyprus. However, benefits now apply only to houses and apartments limited in area and cost.
Preferential VAT:
Now preferential VAT can be applied only to objects with an area of up to 190 sq. m, while the rate of 5% applies only to the first 130 sq. m of housing.
For example, when buying a home with an area of 150 square meters, a 5% rate is applied to the first 130 square meters. m, and the remaining 20 sq. m, the regular VAT rate of 19% will apply.
At the same time, preferential VAT will be available only for the purchase of an object worth up to €475,000 and only for the first €350,000.
A transitional period was established during which objects already on the market, as well as objects for which a building permit will be obtained within four months after the entry into force of the law, were sold under the old tax rules, taking into account possible exemptions for an area of up to 200 sq. . m.
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