ARTICLE · 23 FEBRUARY 2024

Deadline For Special Grant For Main Residence - Cyprus

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This information note concerns the Amending (No. 2) Law of 2023 which amends the VAT Legislation and was published in the Official Gazette of the Republic of Cyprus on July 14, 2023.

CyprusTax

This information note concerns the Amending (No. 2) Law of 2023 which amends the VAT Legislation and was published in the Official Gazette of the Republic of Cyprus on July 14, 2023.

What the amendment is all about

The said amendment concerns the addition of the new Article 64 in Part VI of the VAT Act – Supplementary Provisions. It is noted that on 16 June 2023, the addition of Article 63 was preceded, which concerned the transitional provisions in relation to the new conditions for the application of the reduced rate of 5% for the purchase or construction of a permanent residence.

According to the new Article 64(1), subject to paragraphs (2) and (3) of the same Article, the provisions of paragraphs (2) and (3) of Article 5 of Amendment No. 3 of the 2011 Law are revoked within six months from 14 July 2023, i.e., on 13/1/2024.

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