Cyprus: Amendments to the Immovable Property Law

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Cyprus: Amendments to the Immovable Property Law

kokoni.jpg

Zoe Kokoni

Article 51A of the Immovable Property Legislation (Tenure, Registration and Valuation) (Amendment) Law, 1960 (N. A3/1960) has been amended to include Section 3, according to which the director of Department of Land and Surveys, upon the request of a credit institution, shall provide immediately any information related to immovable property, registered under the name of a physical or legal person. However, the credit institution must first acquire a license from the Department of Land and Survey to be able to request information from the Land Registry. The credit institution must state in its application the reason(s) under which they have the right to receive this information and that renders them an interested party. At the same time it must inform in writing the relevant person, for whom the information is requested, stating also the reasons.

Upon receipt of the application, the director must provide the information to the credit institution without the obligation of completing any prior examination of the reasons submitted. Later on, upon regular sample controls, the director can request supporting evidence from the credit institution in relation to the reasons of that request and of rendering them an interested party and a copy of the letter sent to the person by the credit institution regarding that request. The credit institution is obliged to provide the evidence to the director within one month from the date of the director's request.

The relevant person, for whom the information was requested, has the right to file a written application to the director requesting the examination of the validity of the reasons provided by the credit institution. In such a case, the director must inform the person in writing of his findings and his decision as to whether the credit institution had a valid reason and was eligible to receive them.

In case where the credit institution fails to provide the director with supporting evidence within the specified deadline, the director may seize their license to receive such information for up to two years and/or impose an administrative penalty not exceeding €250,000 ($341,000). The same repercussions will arise in the case where it is found that the reasons provided by the credit institution for requesting the information were not valid.

Zoe Kokoni (zoe.kokoni@eurofast.eu)

Eurofast Taxand, Cyprus

Tel: +357 22 699 222

Website: www.eurofast.eu

more across site & shared bottom lb ros

More from across our site

APAs should provide a pragmatic means to agree to an arm's-length outcome for an Australian entity and for the ATO, the tax authority said
Overall revenues and average profit per partner also increased in the UK, the ‘big four’ firm revealed
Increasingly complex reporting requirements contributed towards the firm’s growth in tax, it said
Sector-specific business taxes, private equity tax treatment reform and changes to the taxation of non-residents are all on the cards for the UK, authors from Herbert Smith Freehills Kramer predict
The UK’s Labour government has an unpopular prime minister, an unpopular chancellor and not a lot of good options as it prepares to deliver its autumn Budget
Awards
The firms picked up five major awards between them at a gala ceremony held at New York’s prestigious Metropolitan Club
The streaming company’s operating income was $400m below expectations following the dispute; in other news, the OECD has released updates for 25 TP country profiles
Software company Oracle has won the right to have its A$250m dispute with the ATO stayed, paving the way for a mutual agreement procedure
If the US doesn't participate in pillar two then global consensus on the project can’t be a reality, tax academic René Matteotti also suggests
If it gets pillar two right, India may be the ideal country that finds a balance between its global commitments and its national interests, Sameer Sharma argues
Gift this article