Application for Reduced VAT - New Dwelling

This practice memo describes the legal and practical considerations in connection to the application for a reduced VAT rate (5%), instead of the standard VAT rate which is 19%, on the purchase or construction of a new dwelling in the Republic of Cyprus. It includes, inter alia, the legal requirements, the process, the timeframe, the necessary documents,  indicative fees and all other relevant matters. It goes further to include an indicative step plan of the above mentioned process together with a description of all necessary documents.

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