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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.


Foreign demand for Cyprus homes

Thursday, June 09, 2011

Cyprus has enjoyed continued growth in overseas demand for homes last month.

Foreign buyers were able to negotiate significant discounts on properties because of Cyprus' ailing economy and poor domestic property sales market.

Official figures reveal that a total of 187 property contracts were deposited by foreigners compared with 154 in May last year, a 21% increase year on year.

Property sales improved in most parts of Cyprus last month, led by an 86% annual hike in Nicosia property sales.


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First, each member of our team originates from the UK so there are no communication barriers.

Second, each of us has bought property in Cyprus and understands the the processes from first-hand experience. This has enabled us to help many other people buy property in Cyprus with confidence.



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