Tax incentives to support real estate in Cyprus

Ассоциация застройщиков и землевладельцев Кипра просит правительство снизить налог на покупку недвижимости
16 July 2020 Liza Medvetskaya
2380

The real estate sector is a pillar of the Cypriot economy.

 The construction sites have been put into full operation, while the small and large projects are continuing at a feverish pace. However, what is frozen is the buying and selling of the works.

Investors on the one hand can not travel and come to Cyprus and on the other hand the uncertainty created by the coronavirus has frozen any of their decisions. Therefore, the developers believe that the Government should take advantage of this momentum and Cyprus should gain a competitive advantage over other countries. The Pancyprian Association of Land Development Entrepreneurs & Builders has requested tax incentives of limited duration (until the end of December 2021) with the ultimate goal of strengthening the real estate market by both locals and foreign buyers. Greece and Britain have already done this. 

Ассоциация застройщиков и землевладельцев Кипра просит правительство снизить налог на покупку недвижимости

In Greece, the Government, in order to enter the game of competition and to attract investments, lowers the tax rates. In fact, the long-term planning of the Ministry of Finance includes the reduction of VAT rates. Also, a regulation, which is estimated to work in favor of the purchase of holiday homes and mainly on the "front" of the construction of new real estate, concerns the suspension of VAT for the acquisition of housing. 

Therefore, developers are demanding similar regulations that will bring revenue to the state, if the real estate market is stimulated, which is currently stagnant. They estimate that all the projects in the works will continue to be constructed, while new projects may be delayed due to uncertainty.

Finally, they call for the continuation and completion of the reform effort by consolidating procedures and introducing e-government for all stages of the examination of urban applications. Digitization is the next big challenge that needs to be addressed. Promoting reform to facilitate major projects is a must for developers, and electronic land use and town planning is the key to boosting the industry. 

Source: philenews


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