Are you aware that you might be eligible for a subsidy for the purchase or construction of a new residence?
If you are purchasing or constructing a new residence it is possible to get a subsidy for that purpose. The subsidy can be applied for using a specific form which can be obtained from the Grants and Benefits Service or from the District Offices. You will also need to include certain documentation with the application, for example, copies of bills and other documents which evidence the purchase or the construction of the residence such as the application for or approval of a house loan. The relevant application is then sent to the Permanent Secretary of the Ministry of Finance or it is delivered to the Grants and Benefits Service. The subsidy is only available for the purchase or construction of a building which is to be used as a main and permanent residence; the residence must be no more than 250m square. The applicant needs to be a Cypriot or an EU citizen who is permanently resident in Cyprus and over the age of eighteen. The basis for the subsidy is the Special grant law (purchase or build of residence) Law 91 (1) 2006. It is calculated using the size of the residence, this is multiplied by the price per square metre, readjusted each year according to the price index and multiplied by the subsidy and the VAT fraction. We can advise you on the application of the subsidy and whether or not you will be eligible.
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