Archives: August 2021

An increase of 52.6% was recorded in the total amount of building permits in the period January – November 2017, while the total area of the permits issued increased by 45.1%. According to figures released by the Cyprus Statistical Office on Tuesday, the number of residential units increased by 41.9%. During the period January – November 2017,…

The number of new homes in Cyprus for which building permits have been issued rose by 41.4 per cent in October 2017 compared to October 2016 according to the Cyprus Statistical Service. THE NUMBER of building permits authorised in Cyprus during October 2017 stood at 536 compared with the 449 authorised during the same month…

A number of changes to Cyprus property taxes have been made in recent times, most notably the introduction of VAT on the sale of building land, which we have summarised together with other changes in this article. RECENT changes to property taxes in Cyprus include the imposition of VAT on the sale of undeveloped building…

The Cyprus House of Representatives has recently passed a new bill amending the legislation on Income Tax, giving the opportunity to individuals who spend more than 60 days in a year in Cyprus, to acquire Cyprus tax residency. To qualify for Cyprus Tax Residency, individuals need to meet the following conditions:  Spend at least 60…

The Cypriot passport has scored a passport rank of 12 worldwide, in the list of the Global Passport Power Rank featuring in the Power Index 2017. An investor may obtain a Cyprus citizenship by making an investment of a minimum of €2 million and the purchase of a residence worth at least €500,000.

A VAT charge of 19% will be imposed on all commercial land sales in Cyprus from the 1st January 2018. According to the circular issued by the Cyprus Tax Department it is confirmed that no VAT will be imposed on the purchase or sale of land located in livestock zones and in non-development areas, zones/areas…