Cyprus: Amendments to the Immovable Property Law

International Tax Review is part of Legal Benchmarking Limited, 4 Bouverie Street, London, EC4Y 8AX

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 & bottom lb ros

More from across our site

Just one member objected to the multilateral convention on amount A, citing concerns over amount B
Jaime Carey wishes to broaden the IBA’s visibility in Africa and Asia during his tenure
Baker McKenzie’s survey of 600 corporate counsel also found that global employee mobility issues were a key driver of tax controversy
Ken Kies has been named as assistant secretary for tax policy; in other news, Baker McKenzie has boosted its US tax practice with a double hire
The increasing sophistication of India’s taxation system has led to complexity across tax treaty benefits, permanent establishments, transfer pricing and more, say Sanjay Sanghvi and Ujjval Gangwal of Khaitan & Co
Multinationals will continue to shift profits out of Slovakia to EU member states despite pillar two’s implementation, according to the report
The firm’s final report outlined new mandatory staff training designed to enhance ethical conduct; meanwhile former PwC Australia partner Wayne Plummer has been cleared of wrongdoing
Goods and services key to Africa’s tax revenue; electronic exemptions come to Europe; UK private school VAT challenge reaches High Court
The private client practice joining Withers comprises eight lawyers, three paralegals and additional staff members
Overall tax revenues grew by over 10% in 2024 when discounting the 'distorted' Apple payout, the Irish government said
Gift this article