- Cyprus has reduced the VAT rate to 5% for the purchase or construction of a residence
- Taxpayers can apply for this reduced rate within one year of acquiring the residence
- The law was passed by Parliament to encourage home ownership and construction in Cyprus
Source: kpmg.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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