30/01/2024
Reduced VAT on First Homes Approved in Cyprus!
✅The European Commission has officially given its approval for Cyprus to implement a reduced 5% VAT on first homes, according to Finance Minister. This exciting development follows tireless efforts by the finance ministry and positions Cyprus as an even more attractive destination for homebuyers.
✅The discounted VAT, set at 5% (compared to the standard rate of 19%), will now apply to the first 130 square meters of both single dwellings and apartments. This reduced rate is applicable to properties up to a value of €350,000, with certain conditions: the total transaction value must not exceed €475,000, and the overall buildable area should not surpass 190 square meters.
✅For individuals with disabilities, there's an added benefit, as the reduced VAT will apply to the first 190 square meters of the buildable area.
📌Key Points:
✔️ Reduced 5% VAT on the first 130 square meters of first homes.
✔️Full rate is 19%, making homeownership more affordable.
✔️Applies to single dwellings and apartments up to €350,000.
✔️ Extra benefit for persons with disabilities: reduced VAT on the first 190 square meters.
Contact Feod Group experts today for more details and take a step closer to your dream home
🇨🇾 Cyprus (office 11, Griva Digeni 49, Chrystalla Court, Larnaca, 6036)
📞 +357 96 345 275, (Viber/WhatsApp/Telegram)
📞24 253 675