The National Housing Registry of Cyprus has recorded a surge in the registration of new properties.
This was reported by the Ministry of Tourism on Monday 23rd September.
In particular, between mid-July and mid-September alone, owners of short-term rental properties on the island added more than 500 units to the register. The total number of such properties rose to 7.8 thousand, representing 35 thousand beds. In general, owners in Cyprus have become more willing to register.
Moreover, a significant number of applications are now awaiting approval, indicating that the registration process has moved forward. At the same time, according to the authority, around seven thousand units advertised on various platforms are still not officially registered.
Recall that according to the new rules, property owners in Cyprus who wish to rent out their property for short-term rental through AirBnB, HomeAway or booking.com services will be obliged to join the National Housing Registry.
To do so, they must obtain a special serial number on an online platform that will be developed by Ministry of Tourism staff in mid-2021. Both individuals and legal entities can apply. At the same time, they must have
- Registration with the Revenue Department of the Republic of Cyprus (taxpayer identification number or VAT number, if required by the relevant legislation).
- Valid household insurance, at least against fire and natural disasters.
According to the plan, when registering with Airbnb, HomeAway or Booking, property owners should be asked for a serial number assigned to them by the Cypriot government in the national registry. Without this number, landlords will not be able to register on the online platforms.
Until registration in the National Registry, landlords are entitled to rent out their properties, subject to payment of the relevant income tax, VAT to the state and daily fees to the local authorities. After receiving a serial number, property owners must pay an additional registration fee of €222 per unit for three years.
Enforcement of the new rules will be monitored by the Cyprus Sub-Ministry of Tourism. The authority has the power to carry out inspections on landlords in order to detect infringements. Among other things, it will require registration and serial numbers in the National Register, and will monitor compliance with the conditions for the registration of landlords on short-term rental websites.
Unscrupulous landlords face a prison sentence of up to one year and/or a fine of up to €5,000.