Cyprus has announced changes to the reduced VAT rate of 5% for immovable property. The reduced rate will now apply to the first 200 square meters of a residence, rather than the previous limit of 275 square meters. This change aims to boost the real estate market and encourage more people to invest in property in Cyprus.
Source: mondaq.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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