Renting Rules for non residents

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JulieM
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Joined: 17 Oct 2019 17:34

Renting Rules for non residents

Post by JulieM » 17 Oct 2019 17:42

Hi - Im new to the group.

We have owned our property for about 12 years in Protaras which we only stay in for holidays. This year we have decided to rent it out long term. I have been trying to find info on the requirements for renting, but all can seem to find is that we need to contact the CTO and give them paperwork regarding title deeds, and some other documents and then they take a percentage of the rent? Is this correct? We dont want to involve a property agent if at all possible, or do anything illegal, but the info I can find is not making sense to me? Can anyone elaborate for me please ? Thanks



J B
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Re: Renting Rules for non residents

Post by J B » 18 Oct 2019 09:42

CTO?
Doesn't that stand for Cyprus Tourist Organisation (?)

I presume you mean a long term residential let, which is surely nothing to do with the CTO, has it?


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J B

Nigel Howarth
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Re: Renting Rules for non residents

Post by Nigel Howarth » 18 Oct 2019 12:34

Hi JulieM and welcome to the forum.

CTO approval is only required for short-term holiday lets. As things stand at the moment you do not need permission or a licence to rent long-term.

However, we are expecting changes to the law but whether they will affect you I cannot say until MPs decide what they want to do. Although the new legislation relates to Airbnb type rentals, it may impact others who rent.

Be aware that you must be very careful to whom you rent your property. The laws in Cyprus are very pro-tenant and if you tenant doesn't pay it could take years to get them out through the courts. (A friend rented his house in Limassol and his tenant stopped paying the rent. It took him four years to get them thrown out - and when they eventually left (without paying) they trashed his house and fled abroad.)

Regards


Nigel Howarth
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