On 8 June 2023, the Cyprus Parliament approved legislation for the application of 5% VAT rateon the purchase or construction of a building to be used as main and permanent residence byindividuals.The new enacted legislation sets out two conditions that both need to be fulfilled simultaneouslyfor a reduced 5% VAT rate eligibility. The first condition concerns the square meters area and the secondcondition, the value.
Source: globaltaxnews.ey.com
