Cyprus Property Rentals | Property for rent in Cyprus | lease property in Cyprus

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17/12/2011 - Cyprus government abolishes property transfer fees or reduces in other cases

This applies for 6 months from 02/12/2011

• No Title Deed Transfer Fees will be paid for a property where VAT has been paid.  This applies to all real estate including residential, commercial premises etc. The purchase must take place and sales contracts deposited with the Land Registry office within the 6 month window.

• For properties where no VAT has been charged, the original Transfer Fee has been reduced by 50% even if there are no Title Deeds issued as yet.  However, the purchase must take place within the 6 month window, the sales contracts deposited with the Land Registry office within this period and this only applies if it is the first time the property is to be resold.

11.11.2011 - VAT reduced for the purchase of first property

The Cypriot Government has introduced a reduced rate of VAT 5% (previously 15%) on the purchase of a new build property in Cyprus. This incentive is available for 6 months from December 2011.

Who is eligible?

• You must be 18 years and over

• A citizen of the Republic of Cyprus or an EU member state

• Have permanent residency in the Republic of Cyprus

• The property will be your main residence

Which properties does the reduced VAT rate apply to?

• New build properties where the application for the building permit was deposited after 01/05/2004

• Total covered area must not exceed 275m2. Please note however that this applies to the first 200m2 and allowances are made for families with up to 4 children. 15m2 is allowed per child (up to 75m2).

• The square meters applies to all covered areas (ie covered veranda, basement areas, garage etc).

Please also note the purchaser cannot resell the property for 10 years and if this occurs you will be required to refund the part of the VAT.