Cyprus mandates electronic payments for all rent

As of July 1, 2026, all rent payments for immovable property in Cyprus must be conducted exclusively through electronic means. This regulation, introduced as part of a wider tax reform, is mandated by Article 48A of the Assessment and Collection of Taxes Law (N.4/1978). The measure applies to all natural and legal persons, regardless of the rent amount or the property's purpose. Landlords are prohibited from accepting cash or any other non-electronic payment methods. Sources note that non-compliance may result in administrative fines, with potential penalties of 300 euros for individuals and between 500 and 1,000 euros for legal entities depending on turnover. Additionally, the reform includes a 2,000 euro tax reduction for individuals who declare their rent payments. The government aims to modernize the property sector, enhance fiscal transparency, and improve tax compliance through these digital-only requirements.