Cyprus[/B] ranks second worst behind Luxembourg in terms of duty-free shopping, according to a survey by British money.co.uk.
Specifically, in the British company's survey of duty-free purchases, Cyprus, with a standard VAT rate of 19%, saw an average refund of 11.64%, while Luxembourg, which came in first worst place, has a standard VAT rate of 17% with average savings limited to 10.44%.
"Cyprus is a popular destination for British travellers, but if you're looking for tax-free shopping, you'd better wait for another trip because the average saving is just 11.64%," the company comments.
The trio of worst countries in terms of savings from duty-free purchases is completed by Germany, with the standard VAT rate at 19% and savings at 11.97%.
As mentioned, for the purposes of the survey and country ranking, the average was used for purchases involving an Apple iPhone 13 Pro, a MacBook Pro computer, a Samsung Galaxy S22 Ultra mobile phone, Burberry Mid-length Chelsea Heritage Heritage Trench Coat and Classic Fit Wool Suit jackets, Alexander McQueen sneakers, Pigalle Louboutins pumps, Louis Vuitton's Speedy Bandoulière bag, a TAG Heuer Carrera watch, a Cartier Love bracelet, a classic Chanel handbag, Ray-Ban Wayfarers sunglasses a 1837 Tiffany ring.
According to the survey, the best country to buy duty-free items is Croatia, where the standard VAT rate is 25%, one of the highest rates in Europe, with a refund of 17.12% on average. It reports, for example, that if a Tag Heuer watch is purchased, the refund amounts to 17.9% of the total amount, amounting to £3,000 (€3,527).
In second place is Hungary, where the standard rate is 27%, with the refund amounting to 16.8% of the purchase. Hungary also has one of the lowest minimum purchase amounts which is £120. The trio is completed by Sweden (25% VAT rate) with the minimum purchase amount for someone to be eligible for a refund set at just £16.
Source: CNA
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