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VAT on property |
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| VAT on property Any property for sale, with building plans that were submitted to the Town Planning department before the 1st May, 2004 is not subject to VAT. Properties whose building plans were submitted after 1st May, 2004 are subject to VAT at between 5 and 15%. VAT for first time property buyers will be reduced to 5 % or completely exempted depending on circumstances. However the Cyprus Government has not implement the law or defined what the criteria are for purchasers to qualify for first time buyer status. We are confident that the law will be introduced soon and that first time buyers will have a reimbursement due to them, in cases where they paid the full amount of VAT at 15% of the property purchase price and after the 1st May 2004. We strongly advise you to contact an independent solicitor when purchasing a property in Cyprus. Click here for details of top Paphos solicitors: Paul Efthymiou or Philippou Solicitors. |
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