If you rent an apartment, house, or commercial space, you should pay attention to an important change in legislation.

Now, rent for real estate located in the territory of the Republic of Cyprus must be made exclusively in non-cash form.

Acceptable payment methods:

• bank transfer;

• Debit or credit card;

• Other recognized electronic payment methods.

These requirements are established by article 48A of The Collection and Assessment of Taxes Law and apply to all tenants and owners, regardless of the amount of rent or the purpose of the facility.

What will happen to the contracts where the cash payment is specified?

The lease agreement itself remains in effect.

If it contains a condition for payment in cash, this does not mean that the contract becomes invalid. The changes relate exclusively to the method of fulfilling a monetary obligation – instead of cash payments, it is now necessary to use electronic means of payment.

Do I need to sign a new contract?

In most cases, no.

If a separate condition of the contract contradicts the mandatory requirements of the law, the norms of the current legislation are applied. Therefore, the entry into force of the new rules by itself does not require an automatic renewal of the contract. However, if there are disputed conditions, the parties can always formalize an additional agreement.

What should I do if the owner asks me to pay only in cash?

After the law comes into force, receiving rent in cash no longer complies with the established procedure. Therefore, we recommend discussing the transition to cashless payment with the owner in advance and obtaining the transfer details.

What if you don’t provide your bank details?

If the tenant is ready to fulfill his obligation in a legal manner, but cannot do so due to the lack of necessary details, this situation requires an individual legal assessment. In such cases, it is important to keep correspondence and other evidence that you have attempted to make a payment.

What is important to remember

• Starting from July 1, 2026, you cannot pay rent in cash.

• The new rules apply to both new and previously concluded contracts.

• The lease agreement remains in effect – only the acceptable payment method is changed.

• In case of disputes, it is better not to delay obtaining legal advice.

If you have any questions about renting real estate or other legal issues in Cyprus, ask them in the comments. We will analyze the most interesting situations in the following publications.

@legalcyprus