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 2026

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

There is a shocking discrepancy between professional services firms’ parental leave packages. Those that fail to get with the times risk losing out in the war for talent
Winston Taylor is expected to launch in May 2026 with more than 1,400 lawyers across the US, UK, Europe, Latin America and the Middle East
They are alleging that leaked tax information ‘unfairly tarnished’ their business operations; in other news, Davis Polk and Eversheds Sutherland made key tax hires
Overall revenues for the combined UK and Swiss firm inched up 2% to £3.6 billion despite a ‘challenging market’
In the first of a two-part series, experts from Khaitan & Co dissect a highly anticipated Indian Supreme Court ruling that marks a decisive shift in India’s international tax jurisprudence
The OECD profile signals Brazil is no longer a jurisdiction where TP can be treated as a mechanical compliance exercise, one expert suggests, though another highlights 'significant concerns'
Libya’s often-overlooked stamp duty can halt payments and freeze contracts, making this quiet tax a decisive hurdle for foreign investors to clear, writes Salaheddin El Busefi
Eugena Cerny shares hard-earned lessons from tax automation projects and explains how to navigate internal roadblocks and miscommunications
The Clifford Chance and Hyatt cases collectively confirm a fundamental principle of international tax law: permanent establishment is a concept based on physical and territorial presence
Australian government minister Andrew Leigh reflects on the fallout of the scandal three years on and looks ahead to regulatory changes
Gift this article