New Requirements for Cyprus Property Owners Leasing on Air BnB
Owners of properties in Cyprus being used as self-catering accommodation for short-term rentals with online platforms such as Air BnB, and HometoGo, will now have to register their property and the property owner.
As per new legislation recently passed by the Cyprus House of Representatives earlier this month; the bill covers both new and existing accommodation and was proposed by ruling party DISY and supported by EDEK. The ruling was voted for 51 in favour and 3 against with some amendments applied to the original Bill.
New landlords will have to register immediately as soon as the property is listed, whereas landlords with existing properties will have 2 more years to register.
The amendment disqualified the condition which banned the use of such accommodation in commercial units. Last October, Cyprus MPs were warned by the Tourism Minister that the introduction of an agreement would obligate users of such accommodation services to enter a serial number before allowing homeowners to use their services, which would allow the Cyprus government to oversee household income more thoroughly.
The bill intends to make a special registry for short-term self-catering accommodation, where every property will be relegated a serial number. As indicated by the Minister of Finance, that number would then be given to these websites; guaranteeing the all properties being advertised on the island are government approved.
Air BnB also consented to provide authorities with any transaction related information that may assist for the purposes of tax identification and AML investigations accordingly.
As more information is released for landlords, we will update this page accordingly or feel free to contact us.