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Home Publications News & Announcements

14% VAT refund on Land transferred from Parents

February 2, 2022
in News & Announcements
Reading Time: 1 min read

By: P. Constantinou & Co Ltd

The Cyprus Tax Department informs that, by decision of the Council of Ministers (12/01/2022), there is now the possibility of requesting a 14% VAT refund on land purchased by a parent or guardian and transferred to an adult child, for the construction of a residence subject to a reduced VAT rate of 5%.

This amendment applies immediately and the necessary conditions are:

  • The Plan applies to plots defined in the Eighth Annex of the Law on Value Added Tax
  • The property (bought) must be subject to VAT.
  • The house that will be built must be used as a primary residence and be subject to a reduced VAT rate of 5%.

The form for VAT refund for the above cases is available on the Tax Department website and you can see it here >

For more information please contact us >

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