WHAT IS THE RATE OF VAT PAYABLE ON PROPERTY?
Since Cyprus accession to the EU in 2004, VAT must be paid when buying a new build property. VAT is charged on the sales price at a rate of 15%. First-time buyers can apply for VAT reimbursement in cases where they paid the full amount of VAT on single properties purchased after the 1st May 2004. No VAT is charged on the purchase of land.
