VAT will increase from 17% to 18% as of 14th January 2013. It will then increase a further percentage to 19% as of January 13th, 2014.
Having said this, however, there are still many incentives in place in order to boost Cyprus economy. 5% VAT applies to both EU and non-EU citizens who purchase property for use as their main residence. This reduced VAT applies to properties that will not be used for pure investment purposes.
Another good piece of news is the extension of the abolition of transfer fees for any new property purchases until the end of 2013, irrespective of the time the Title Deed of the property will be transferred to the Buyer. This applies to properties where VAT is applicable. With regards to properties that require VAT the amount is reduced by 50%.
Related information:
http://www.pafosproperty.com/blog/government-introduces-new-incentives-buying-property-cyprus
deals, discounts and much more
what our clients say about us
Even before buying our property from them, we had heard about Hadjidemosthenous from our friends. They told us that this Cyprus developer has been established for many years and offered value for money properties. We were thrilled when we finally purchased our apartment: smart layout, very good quality finishes, outstanding range of facilities and comprehensive customers support. We would definitely recommend this developer to our friends.
photos of completed projects
179, Demokratias Avenue
P.O. Box 60402
8028, Paphos - Cyprus
Tel: +357 26 822333
Fax: +357 26 931117
Freephone: 80 00 00 90
Email: moc.ytreporpsofap@ofni
