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%…
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…
Cyprus has concluded numerous Double Tax Agreements whilst certain other agreements are pending enforcement. The main purpose of these treaties is the avoidance of double taxation on income earned in any of these countries. Under these agreements, a credit is usually allowed against the tax levied by the country in which the taxpayer resides for…
The Cyprus Parliament unanimously passed a bill on the 3.11.2011 suspending the payment of property transfer fees on properties subject to VAT for a period of 6 months. The bill also provided that the property transfer fee for purchases not subject to VAT will be reduced by 50% of the current level for the same…
The Ministry of Interior issued the following bulletin regarding the Town Planning Amnesty legislation which came into force on April 8 2011. The legislation aims at simplifying and modernising the procedures and legal provisions that eventually lead to the securing of updated title deeds by respective property owners. PLANNING AMNESTY BULLETIN LEGISLATION FOR THE MODERNISATION…
Any additional expense to the price of property can make a considerable difference as to its affordability. Buyers must therefore take special care to confirm whether the property they are considering purchasing is subject to Value Added Tax (VAT) and if so, whether the purchase price quoted includes the VAT. What type of Immovable Property…