From July 1, rent in Cyprus can be paid only cashless

As of July 1, 2026, a law comes into force in Cyprus prohibiting the payment of property rent in cash or by cheque. All payments for residential and commercial properties must be made exclusively by cashless methods — via bank transfers, cards or electronic payment systems. The authorities say the aim is to bring the real estate market out of the shadows and stop landlords from evading taxes.
For tenants, the change provides official protection in the form of a digital payment trail in any disputes with the owner, reduces the risk of fraud, and tenants with an annual income of more than 22,000 euros can now count on tax deductions of up to 2,000 euros.
However, critics warn of negative consequences. Owners and tenants will face additional bank fees, while elderly landlords will find it difficult to adapt to digital banking. In addition, expats have trouble opening accounts quickly because of lengthy bank compliance procedures, and property owners are likely to simply pass their new tax costs on to tenants, which will trigger yet another rise in housing prices.