The Tax Department reminds that, as of today (July 1, 2026), the payment of rents for real estate in Cyprus should be made exclusively by electronic means of payment.
The obligation is provided for in Article 48A of the Tax Assessment and Collection Law and was established in the context of the tax reform.
Specifically, rents should be paid through:
bank transfer,
debit or credit card,
or other recognised electronic means of payment.
The measure concerns all natural and legal persons, regardless of the amount of rent or the use of the property, whether it is a residence, business premises or other immovable property.
At the same time, rent beneficiaries will not be able to accept payments in any other way, other than the provided electronic means.
Otherwise,
If there is no compliance, a financial charge of €300 will be imposed on natural persons, while for legal entities, the financial charge amounts to €500 or €1,000, depending on the turnover and the characteristics of the business. Now let's see how many will implement this provision. However, in the context of the tax reform, those tenants who declare that they pay rent, receive a tax deduction of €2,000.
