Further to our previous newsfeed on this, on 26 April 2024 an amendment to the Cyprus VAT Law was published in the Official Gazette of the Republic of Cyprus. The amendment gives to the Commissioner of the VAT Authorities the discretion to allow the submission of the official declaration for a reduced VAT rate of 5% for a new primary residence within 12 months after possession of the property.
The applicant should submit the relevant documentation to support his/her inability to submit the official declaration before obtaining possession of the property due to absence abroad, illness or any other event for which, at the discretion of the VAT Authorities, can justify the delayed submission of the official declaration.
