Acquisition of a property in Cyprus is subject to VAT (Value Added Tax) and the current VAT rate is 19%.
As from 1st of October 2011 a reduced rate of VAT (5%) shall be applied to dwellings used or intended to be used by a beneficiary as the principal and permanent place of residence, once a responsible declaration submitted by the beneficiary is approved by the VAT Office, according the amending law N. 129(I)/2011 of the VAT Law of 2000 (N.95(I)/2000).
Furthermore, as of 8th of June 2012, the reduced rate of VAT shall be extended to dwellings used or intended to be used by a beneficiary, as a principal and permanent residence in the Republic and to citizens of countries other than EU Member States.
Source: karitzis.com
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