AirBnB and other platforms providing short-term accommodation in Cyprus have become very popular recently allowing more people to commercially exploit their properties and driving upwards renovations and related services. Short-term rentals provide a unique and cost-effective experience for guests as houses and flats in Cyprus have their own style and design.
In light of this, the House of Representatives of the Republic of Cyprus recently passed a new amending Law regulating short-term touristic and self-catering accommodation. The governing Law is the Regulation of the Establishment and Operation of Hotels and Touristic Accommodation (Amending) Law 2020 (9(I)/2020).
The aim was to upgrade the quality these services offer, increase public revenue and incentivise the number of short-term rentals and tourism in remote locations such as agrotouristic locations. So what are the requirements of the people who rent their properties on AirBnB and other platforms related?
Requirements of the New Amending Law
- Application for the registration of short-term self-catering accommodation:
- The application must be accompanied with an affidavit by the applicant, reassuring that the required conditions are met, it should state all information and details about the accommodation, the minimum technical and operational standards, and insurance coverage for any risk, fire and civil liability.
- The application must be registered at the Tax Department and a registration number will be given to each landlord. Furthermore, the registration serves another purpose apart from monitoring this type of accommodation, which is that the registration number will be provided at the relevant online platforms, suggesting that the property is approved by the Government.
- The registration license must be renewed every three years.
- The Cypriot Law sets out the criteria for categorisation of short-term accommodation, which are touristic and fully furnished villas, touristic and fully furnished houses, and apartments (Annex V of the Law).
- Specific conditions and standards must be met, in accordance with the categories mentioned above (Annex V of the Law).
- The timeframe for an existing accommodation to comply with the registration, health and safety is two years.
In the event that a short-term accommodation constitutes a unit in a co-owned property, there is not a requirement of an existing management committee or consensus to be reached by the owners for the use of such unit as a short-term self-catering accommodation.
Costs for Registration
The cost for registration of a short-term rental property in Cyprus will vary and will be calculated accordingly, taking into consideration the expenses of the examination of an application etc.
What we provide
We can help you with the regulations and registration of your AirBnB property in Cyprus, assist with the taxation and obtaining the required licence. To learn more about our services related to properties click here