Cyprus Plans to Cancel Payment of Full 19% VAT on Land Purchases

Cyprus has prepared a new bill, according to which land purchasers will be exempted from paying the full 19%  VAT (value added tax).

The decision to revise the current law was made due to the fact that in its current form is non-functional and has caused a lot of confusion in the courts and real estate market on the island.

After approval of the new bill, the land buyers will initially have to pay VAT at full rate but later they will get 14 percent VAT refund.