Self-Service (Sharing Economy) Accommodation Establishments Insurance (AirBnB)
The House of Representatives passed a bill amending the 2019 Law by adding provisions for the creation of a registry, by the Deputy Ministry of Tourism, for the registration of self-service, short term rent, accommodation establishments (villas, houses and apartments) which are advertised on platforms such as Airbnb and Booking.com.
According to the Deputy Ministry, upon the submission of the application the applicant may advertise and or rent the self-service accommodation, provided that it is registered in the Register of Self-Service Accommodation and has received the special sign and Registration number by the Deputy Ministry.
The requirements for registering a self-service accommodation are:
➢ Registration with the tax department
➢ Insurance coverage for the establishment, at least insurance against any risk and especially fire and public liability insurance.
The application form for the registration in the Register of Self-Service Accommodation can be found on the website of the Deputy Ministry of Tourism www.tourism.gov.cy . A fee of 222 EUR/every three years will apply.
HJS Insurance provides Property Owners insurance packages which fulfil the requirements of the law. Call us for a complimentary consultation or visit our website to learn more: https://www.hjsinsurance.com.cy/property-owners-insurance