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Measures to stimulate the residential property market
The Cyprus Parliament has made amendments to the laws relating to VAT and transfer fees on real estate with the objective of stimulating activity in the real estate market.
Lower VAT rate now available to not-ordinarily-resident purchasers
The first of the amendments extends the availability of the reduced 5% VAT rate on the construction or acquisition of residential property in Cyprus as a primary place of residence to acquisitions of properties by individuals who do not ordinarily reside in Cyprus for use as their residence whilst in Cyprus.
Suspension of property transfer fees
The law providing for the exemption from transfer fees on sales made after 2 December 2011 of properties subject to VAT and 50% exemption in case of first sale has been extended until the end of 2012.
For further information please contact Christos Vezouvios.
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