AKEL MP

The Cypriot Parliament has passed a law enabling beneficiaries to apply for a 5% reduced VAT rate within a year of acquiring a residence.

Cyprus' Parliament has given the green light to a groundbreaking law aimed at empowering homeowners and offering relief in the face of mortgage challenges.

The legislation enables the suspension of home sales through the innovative Mortgage-to-Rent Scheme and objections to participation in the program.

In 2022, there was a 27% increase in Airbnb income in the occupied territories, with the annual revenue per accommodation unit reaching 24,000 euros. Speaking before the Cypriot Parliament's Trade Committee, Konstantinos Karakontis, the president of the Association of Self-catering Accommodation, also mentioned a projected 50% increase for 2023.