Homeowners cheated state of €16.2 mln VAT

Over 270 people, mostly foreign investors eyeing a Cypriot passport, benefited from the reduced rate of 5% VAT for first-time home buyers instead of paying the standard 19% rate, with state coffers

Compromise VAT bill on new homes

The government has retabled a bill for reduced VAT on first homes, aiming to find the sweet spot between MPs’ concerns and the European Commission, which has initiated infringement proceedings against Cyprus


Pushback to VAT change on home buys

MPs are undecided on whether to pass a European Union directive reducing the size of homes entitled to lower 5% VAT or face hefty financial penalties, while the construction industry wants authorities