On Tuesday, November 30, the Cyprus Deputy Ministry of Tourism announced that owners who rent out their properties for short-term rent in Cyprus are in no hurry to join the new Register of Self-Catering Accommodation.
In particular, since the update of the rules for renting real estate through the popular AirBnB platform, only 30% of the total number of property owners interested in short-term rental of their houses or apartments have submitted the necessary documents and received the appropriate permission.
Both individuals and legal entities can submit an application before February 1, 2022 on the website www.tourism.gov.cy .
From February 7, 2022, the Cyprus Deputy Ministry of Tourism will begin conducting inspections of landlords in order to identify violations. In particular, check for registration and serial number in the Register, as well as compliance with the conditions of registration of housing by entrepreneurs on Airbnb. Those owners who will rent their property illegally will be issued fines.
It is worth noting that before the owner of rental housing was allowed to rent out his property, subject to payment of the income tax VAT in favor of the island's government and daily fees to local authorities.
After registration in the Register, they must pay an additional registration fee for each unit of housing to which a serial number will be assigned, in the amount of 222 euros for three years.
We must admit that the new platform was not ideal.
Many owners are faced with a number of inconveniences and the problem of getting the coveted serial number. At first, it was not possible to register housing facilities located in rural areas or mountainous areas of the island on the platform. Now the property owners have stated that they are unable to register several objects at once. Most of the short-term rental properties in Cyprus are managed by companies.
Currently, there are more than 20 thousand properties on the island that are rented through the online platform Airbnb.
According to KPMG, in 2019, property owners rented out 23.1 thousand housing units in Cyprus for short-term rent, which is 27.7% more than in 2018. The number of bookings for such housing amounted to 429.1 thousand.
IHaving entered the Register, many tenants will find themselves under the close supervision of the authorities. If the annual amount of income exceeds 15.6 thousand euros, they will have to pay taxes.
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