Starting January 1, 2025, All Rent Payments in the TRNC Must Be Made Through Banks

As of January 1, 2025, all rent payments in the Turkish Republic of Northern Cyprus (TRNC) will be mandatory through bank transactions. This regulation was published in the "Official Gazette" on November 14, 2024, and will officially come into effect at the beginning of the new year.

The TRNC Ministry of Finance has reminded the public that under the "Regulation on the Mandatory Collection and Payment of Rental Transactions for Workplaces and Housing Through Banks," citizens who have tax liabilities and those without outstanding obligations will be required to pay and collect rent exclusively through banks.

This requirement also extends to short-term rentals, including weekly, daily, or similar arrangements.

Banks will act as intermediaries, providing receipts or account statements as proof of payment for transactions made via deposits, bank transfers, EFT/EÖS (Electronic Fund Transfer/Electronic Payment System), checks, debit cards, or credit cards. These documents will be accepted as valid evidence of payment.

Payments made through online banking platforms will also fall under the scope of this regulation.

Tenants who pay rent directly in cash and landlords who accept cash payments will face penalties for non-compliance.

However, tenants who report cash payments to the Tax Office within five business days of making them will not be fined.