Cyprus is a great place to list your property on Airbnb. Whether you’re a local or a foreigner, understanding the legal framework and requirements is crucial for a successful Airbnb venture in Cyprus. This article provides a comprehensive guide on how to list and start your Airbnb in Cyprus.
List your property on Airbnb in Cyprus
Do you want to start Airbnb rentals in Cyprus? To list your property on Airbnb in Cyprus, follow these steps, including the legal requirements:
- Sign up for Airbnb in Cyprus: Create an Airbnb account to list your property in Cyprus.
- Register your property: According to the new rules, you must register your property in the Register of Self-Service Accommodation Establishments.
- Tax department registration: Ensure you are registered with the Republic of Cyprus tax department. You’ll need a tax identification number or VAT, if applicable.
- Valid home insurance: Obtain valid home insurance, covering at least fires and natural disasters.
- Online registration: Complete the online registration process at www.tourism.gov.cy. Both individuals and legal entities can apply.
- Airbnb listing: Once you have your serial number, you can list your property on Airbnb. This number must be included in your Airbnb listing.
- Compliance with standards: Ensure your property meets the minimum technical and operational standards set by the law.
- Renewal of registration: Remember that the registration license must be renewed every three years.
How to start short-term rentals on Airbnb in Cyprus?
When planning to start an Airbnb in Cyprus, consider the following:
- Understand the market: Research the local market to set competitive prices and identify what guests are looking for in a rental.
- Prepare your property: Ensure your property meets the required standards and is appealing to potential guests.
- Legal compliance: Stay updated with the latest regulations and ensure your property complies with all legal requirements, including safety standards.
- Marketing strategy: Develop a marketing strategy to promote your property, focusing on its unique aspects and the experiences guests can enjoy while staying there.
- Guest management: Be prepared for effective guest communication and management, ensuring a pleasant experience for your visitors.
Rules for operating an Airbnb in Cyprus
Anyone can register their property on Airbnb in Cyprus, as running an Airbnb in Cyprus if legal. However, there are several rules and regulations that property owners must adhere to:
- Registration requirement: Properties must be registered in the Register of Self-Service Accommodation Establishments to get a serial number. This can be done here. Registering comes with a three-year registration fee of €222 ($242) for each property.
- Tax compliance: Property owners must comply with tax obligations, like rental income tax and VAT.
- Regular inspections: The Deputy Ministry of Tourism conducts regular inspections to ensure compliance with registration and operational standards.
- Local laws and standards: Adherence to local laws, including health and safety standards, is mandatory.
Airbnb income taxes
Property owners registering their property on Airbnb in Cyprus must comply with tax obligations. Airbnb rental income is subject to income tax. However, you only pay income tax if the total annual income exceeds the threshold of €15,600 ($17,004).
Property owners may be charged a 9% VAT on the income generated through Airbnb rentals in Cyprus, depending on the legislation.
Frequently Asked Questions (FAQs)
Is Airbnb allowed in Cyprus?
Yes, Airbnb is allowed in Cyprus. Property owners can legally list and rent out their properties on Airbnb, provided they comply with the local regulations, including registration in the National Register and obtaining a unique serial number from the Cyprus Deputy Ministry of Tourism.
Can you rent out a holiday home in Cyprus on Airbnb?
Absolutely. You can rent out a holiday home in Cyprus on Airbnb. Ensuring that the property is registered with the Cyprus Deputy Ministry of Tourism and meets all the required safety and operational standards is essential.
Is starting an Airbnb in Cyprus profitable?
Starting an Airbnb in Cyprus can be profitable, especially in tourist-favored areas. The success depends on location, property quality, competitive pricing, and effective management. With Cyprus’s growing tourism, Airbnb hosts have a good opportunity for a lucrative business.
How can I sign up for Airbnb in Cyprus?
To sign up for Airbnb in Cyprus, you must create an Airbnb account. Afterward, register your property with the Cyprus Deputy Ministry of Tourism, obtain a serial number, buy home insurance, and register yourself with the tax department. After that, you can list your property on Airbnb, including the serial number, to start receiving guests.
How to start an Airbnb in Paphos?
To start an Airbnb in Paphos, you must first sign up for Airbnb. Afterward, register your property in Paphos with the Cyprus Deputy Ministry of Tourism, obtain a serial number, buy home insurance, and register yourself with the tax department. After that, you can list your property in Paphos on Airbnb, including the serial number, to start receiving guests for your property.