Tax Law Update: Changes in Cyprus VAT rates

On the 6.12.2012, the House of Representatives passed legislation (Law.167(I)/2012) increasing VAT rates in Cyprus. In accordance with the new law: (a) from the 14.01.2013 until the 12.01.2014, the standard VAT rate increases to 18%; (b) from the 13.01.2014 the standard VAT rate will be 19%; (c) from 01.01.2014 the reduced VAT rate of 8%…

Cyprus Property Law Update: Accelerated procedure for granting Immigration Permit for third country nationals purchasing property in Cyprus

New guidelines have been issued by the Ministry of Interior concerning the accelerated procedure for granting Immigration Permit to applicants who are third country nationals and intend to invest in the Republic of Cyprus.  The relevant parts of the announcement are as follows: 1.      According to the provisions of Regulation 6(2) of the Aliens…