Cyprus bans cash rent payments and requires electronic transactions from July 1

Nicosia, Cyprus. Cyprus’ tax department said on Wednesday that rent payments can no longer be made in cash as of July 1 and must instead be carried out electronically. The measure applies to all natural and legal persons in Cyprus.

Electronic payment requirement

The tax department said rent must be paid via debit or credit card or any other recognised means of electronic payment.

Scope of the regulation

According to the announcement, the new regulation applies regardless of the rent amount or the use of the property. The department said any owner of immovable property in Cyprus may not accept any other method of rent collection in the future.