4753 real estate offers in our catalog!
+357 25 351 888 - Cyprus / 0 808 234 4510 - Free call from UK
Our phones

+357 25 351 888 Cyprus
+357 99 727 772 Cyprus
0 808 234 4510 Free call from UK

Follow Us

Our address

Athena Court B,
124 Amathountas Avenue, Agios Tychonas
4532, Limassol, Cyprus.
ICQ: 646-307-662
Skype: Relux_Estates

mail@cyprusproperty.info
cyprusproperty.info

Cyprus Property Transfer Fees and VAT

26.03.2018

MPs in Cyprus are planning to revise Property Transfer Fees and the VAT paid on land sales to eliminate distortions in the Cyprus property market, which they believe is adversely impacting competition.

Lawmakers in Cyprus plan to draft a bill aiming to eliminate a distortion where certain buyers of real estate must pay Property Transfer Fees while others do not. When a person buys a new property and pays VAT on it, he or she is not subject to Property Transfer Fees, whereas transfer fees do apply when the transaction involves a land lease.

In a related issue, the government intends to bring an amendment to the law recently passed imposing 19 per cent VAT on building land.

Currently, when someone buys a finished housing unit or apartment as their primary dwelling they pay 5 per cent VAT, whereas buying a plot of land for owner-occupied housing incurs a 19 per cent VAT charge.

Main opposition Akel said the law as it stands is dysfunctional and rife with ambiguities, leading to confusion in the real estate market.

Diko MP Angelos Votsis said the government will be submitting a bill exempting from payment of 19 per cent VAT young couples who buy land for the purpose of building a primary residence.

Favorite proposals (0)↓↑
Send to e-mail  
|||

Enter e-mail


×