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PROPERTY OF THE MONTH UNIQUE OPPORTUNITY TO PURCHASE YOUR HOLIDAY APARTMENT IN PYLA, LARNACA DELUXE APARTMENTS STARTING PRICES 99000 EUROS
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Value Added Tax on Properties
VAT is a complex area affecting all types of property transactions, which is constantly changing.
The Cyprus House of Representatives has passed and amended the Law of Value Added Tax on the 29th April 2004 in order to harmonize with the EU legislation except in the cases where Cyprus has received derogations during the accession negotiations.
As from the 1st May 2004 VAT is imposed at a rate of 15% on the purchase of a newly built second home (apartments, houses) or a newly built commercial or industrial building. This includes both the purchase of a house or an apartment and it covers the construction costs and the cost of Land.
No VAT is paid if the application for the planning permit was filed with the appropriate authority before May the 1st 2004. The sale of Land continues to be exempted until further notice by the Cyprus VAT authorities.
