Insider Business Guide on how to rent out your home on Airbnb-type platforms

Guide on how to rent out your home on Airbnb-type platforms

A guide on the specifications of accommodation falling under the new bill regulating rentals through online Airbnb-type platforms has been drafted by the Deputy Ministry of Tourism.

A mandatory obligation is registration with the Department of Tax, as well as paying overnight fees to the local authority, Phileleftheros reports.

A circular tabled before the House Commerce Committee lists three categories of self-catering accommodation that can be rented out through such platforms.

These are fully-furnished tourist villas, independent homes and apartments. The maximum capacity per house is five bedrooms (up to 10 persons), while accommodation licensed as a hotel or tourist accommodation cannot come under the category of self-catering accommodation.

Regarding the category of fully-furnished tourist villas, they should have independent and immediate outdoor access. They should also be autonomous from the land and complex to which the landscaped garden belongs.

The second category concerns fully-furnished tourist houses, which are in series, or part of a group of detached houses which have independent entrance, private communal or public outdoor access and privacy – that is, without communal stairway.

The third category includes independent, autonomous apartment units which are in line with provisions of the Immovable Property Act.

At the same time, the Deputy Ministry of Tourism notes that for any self-catering accommodation rented out, income tax/VAT must be paid to the state, along with overnight stay fees to the local authority, regardless of the provided two-year registration deadline.

The application to be submitted should also include a building permit or town planning permit, an Electricity Authority of Cyprus bill and a copy of the identity card or passport in the case of a physical person.

By Demetra Landou

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