The Council of Ministers decided on the 12th of January 2022, for a 14% VAT refund on land purchased by a parent or a legal guardian when this is transferred to an adult child in order to construct a house.

Precondition so you can consider a beneficiary, is that you meet the criteria of the reduced 5% VAT.

This amendment is valid from the date of the Decision of the Council of Ministers, namely the 12th of January 2022.

For further information contact us: info@landaslaw.com

( Application – https://www.mof.gov.cy/mof/tax/taxdep.nsf/All/D79B8C82D19E13C5C22584850030BCBA?OpenDocument )