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Cyprus Vat to rise

 

VAT in Cyprus will rise to 17% from March 1st 2012

According to the Finance Ministry’s V.A.T Service, the increase – part of the government’s efforts to fill state coffers and combat the economic crisis- will not affect products and services where VAT is set at a reduced rate of 5% or 8%.

For Property Buyers:

a] The applicant must be a permanent resident of Cyprus before signing the Sales Agreement.

b] The Sales Agreement is signed with 17% VAT included. A provision is added that if / when the Purchaser obtains approval from the Vat people, he will provide the Vendor with the approval and the Vendor will claim the difference back from the VAT (form 4B) if he has already paid it to the Authorities (VAT payable every 3 months).

After the approval, every other payment shall bear 5%. When the Vendor receives the return from the VAT, he either pays it back to the Purchaser or gives him a credit note.

c] In case of an under construction property, the water and electricity bills must be sent to the VAT within 6 months after the delivery of the property to the Purchaser.

Therefore an E.U. citizen who is not a permanent resident of Cyprus cannot get this benefit unless he first comes to Cyprus, becomes a permanent resident and after 2 years buys a property.

 
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