The rate of V.A.T in Cyprus is currently 15%

V.A.T on new property is chargeable as of 1st May 2004, at the rate of 5% for a property that is the principle place of residence, and 15%for secondary properties. For projects, V.A.T is payable on the selling price of the property and land and building cannot be split. No V.A.T is payable in cases where an application for a planning permit was submitted before 1st May 2004.

V.A.T is not applicable on the sale price of land but this is planned to change in 2008