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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 I have summarised together with other changes in this article.
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.
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.
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
The total value of building permits issued in the first seven months of the year increased by 49.2% and the total area by 41.6%, the Statistical Service of Cyprus reported on Thursday.
The Cyprus Golden Visa Program, which enables non-EU citizens to purchase Cypriot passports and residency permits by investing money in property and other sectors, has raised €4 billion.
The Cyprus- Chinese business ties have entered a new development stage, Chinese trade officials told a Business Forum organized on Wednesday by the Chinese Business Investors Association.
Thanks to the growing economy, new property tax incentives and the government’s golden visa scheme that offers Cyprus citizenship in exchange for cash investments, the Cyprus property market is booming.