Since 1970
Call us: +357 (24) 822 870 // www.palourtis.com

Newsletter

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 9 October 2019 Landmark Agreement between Cyprus and the United Kingdom

    FULL details of the landmark agreement between Cyprus and the United Kingdom... read more

  • 3 October 2019 Breaking News Potential Change to Definition of Russian Tax Residency for Individuals

    Individuals spending 90 days a year in Russia, or having their centre of... read more

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 9 October 2019 Landmark Agreement between Cyprus and the United Kingdom

    FULL details of the landmark agreement between Cyprus and the United Kingdom... read more

  • 3 October 2019 Breaking News Potential Change to Definition of Russian Tax Residency for Individuals

    Individuals spending 90 days a year in Russia, or having their centre of... read more

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

VAT slashed for home improvements subsidies for new solar water heaters

   

The cabinet on Tuesday approved a lower VAT rate of 5 per cent for all house renovations, deputy government spokesman Victoras Papadopoulos said.

Speaking after the session, Papadopoulos said the rate would apply to renovations and repairs of all private properties including those that are not used as a primary residence.

The standard rate so far was 19 per cent with the reduced rate applying to just primary residencies.

The cabinet’s decision means the lower rate will apply for renovation work on all housing units.

The reduced rate will also be paid by vulnerable consumer groups and residents of remote areas, for repairs and improvements to private homes, including upgrading their energy efficiency and structural integrity.

Energy Minister Giorgos Lakkotrypis said the cabinet had approved two support schemes offering assistance in replacing solar water heaters for homes, and installing photovoltaic net metering systems for commercial consumers.

The first scheme offers €350 in assistance per home for replacing solar water heaters and €175 per unit to replace existing solar panels.

The second scheme “Solar energy for everyone” relates provides for an increase in the maximum capacity for net metering systems from 3KW to 5KW. This is the first time commercial consumers are included in the scheme.

Vulnerable groups are eligible for up to €2,700 for net metering installations.