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Bill to tax short-term rents

13.09.2018

According to the CTO, 80% of tourists, visiting Cyprus, stay in hotels, 20% (about 600 thousand people) - live with relatives, friends or in rented apartments, villas, etc. On the island, short-term rental sites are more and more popular, where housing is offered with prices lower than in hotels. The Cypriot authorities are trying to oblige the owners of the leased property to pay taxes.

A bill designed to regulate and tax the rental income on an estimated 40,000 short term Airbnb style properties in Cyprus should be presented at a plenary session of the Cyprus parliament within the next two weeks.

According to Edek MP Elias Myrianthous, one of the bill’s authors, there are currently an estimated 40,000 accommodations across the island being used for short-term rentals that are unlicensed and thus not subject to the legislation governing tourist lodgings.

According to the materials of Kathimerini, all properties that will be rented on a short-term basis must undergo a licensing process. Advertising objects on the Airbnb, the owner of the properties will be required to indicate the license number. Potential customers will know that the object being handed over has passed the licensing process and its owner fulfills all the obligations prescribed by law. Myrianthous said that effectively the bill will provide for the licensing of self-catering lodgings under “comparatively less stringent procedures.”

The annual rental income exceeding 15,600 euros will oblige the landlord to pay VAT (in addition to other taxes). Annual income less than this amount will not be taxed.

Also, the owners of properties in complexes with a communal swimming pool will be required to obtain consent for the short-term lease of their property from all owners or tenants in the complex.

For any inquiries please do not hesitate to contact Relux Estates! We will be happy to find the best options for you!

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