VAT Implications for Cyprus Immovable Property: Leases, Land Transfers, and Renovations

• Long-term lease of immovable property is considered a supply of goods and subject to 5% or 19% VAT.
• 19% VAT is imposed on the transfer of non-developed building land.
• VAT rate of 19% is imposed on the lease of immovable property for business purposes.
• Repairs and renovations on private residential houses are subject to a reduced rate of 5% VAT.

Source: oxfordglobalservices.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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