Contract Law
Contract Law in Cyprus is one of the main areas of law as it has the most serious impact in our daily life.CONTRACT LAW
Contract Law in Cyprus is one of the main areas of law as it has the most serious impact in our daily life. The heart of our practice is relating to contracts. We advise and provide drafts to our clients on a broad range of commercial and other agreements.
Under common law and as codified by the Cyprus Contracts Law, Chapter 149, Contract Law can be defined as the set of rules governing the relationship, the content and validity of an agreement between two or more persons, individuals or legal entities, as regards the sale of goods or the provision of services or the exchange of interests or ownership.
VAT NEW REGULATION
Cyprus is at the forefront of implementing a reduced 5% VAT rate for the initial 130 sq.m. of primary residences, with the plan set to take effect from November 1, 2023 applies to properties for which their building permits have been issued after the 1st of November 2023 under pressure from the European Union Court.
The Parliamentary Committee unanimously decided to increase the maximum limit from 110 sq.m. to 130 sq.m., aligning with market trends and meeting European Directive standards. The aim of this move is to make primary residences more financially accessible.
