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

Canadian Prime Minister Mark Carney and US President Donald Trump have agreed that the countries will look to conclude a deal by July 21, 2025
The firm’s lack of transparency regarding its tax leaks scandal should see the ban extended beyond June 30, senators Deborah O’Neill and Barbara Pocock tell ITR
Despite posing significant administrative hurdles, digital services taxes remain ‘the best way forward’ for emerging economies, says Neil Kelley, COO of Ascoria
A ‘joint understanding’ among G7 countries that ‘defends American interests’ is set to be announced, Scott Bessent claimed
The ‘big four’ firm’s inaugural annual report unveiled a sharp drop in profits for 2024; in other news, Baker McKenzie and Perkins Coie expanded their US tax benches
Representatives from the two countries focused on TP as they met this week to evaluate progress under a previously signed agreement – it is understood
The UK accountancy firm’s transfer pricing lead tells ITR about his expat lifestyle, taking risks, and what makes tax cool
Dolphin Drilling intends to discuss the final liability amount and manner of settlement with HM Revenue and Customs
Winning the case against the 20% VAT imposition was always going to be an uphill challenge for the claimants, UK tax advisers argue
A ‘paradigm shift’ in Chile’s tax enforcement requires compliance architecture built on proactive governance, strategic documentation and active monitoring of judicial developments
Gift this article