VAT returned for first time buyers
Posted: 27 Jan 2008 01:00
Hi Nigel
I'm really confused with this setup of the VAT returned for first time buyers. My Lawyer has advised me that when I sell my villa, the new buyer will receive the VAT refund. However, the Agent says that because the buyer is not buying directly from the Developer the property will be classed as a resale.
My Lawyer said that this is rubbish. As no one has every used the property and no utility supplies have ever been connected then when I sell it will be as if I never existed.
Then another Agent came along and said that it is only Cypriot Citzens who are entitled to it. Surely now that we are in the EU there can't be one rule for one and other.
Have you got any idea who's right?
I'm really confused with this setup of the VAT returned for first time buyers. My Lawyer has advised me that when I sell my villa, the new buyer will receive the VAT refund. However, the Agent says that because the buyer is not buying directly from the Developer the property will be classed as a resale.
My Lawyer said that this is rubbish. As no one has every used the property and no utility supplies have ever been connected then when I sell it will be as if I never existed.
Then another Agent came along and said that it is only Cypriot Citzens who are entitled to it. Surely now that we are in the EU there can't be one rule for one and other.
Have you got any idea who's right?