Rents, The Day Following Covid-19

The spread of the COVID-19 virus and its proclamation as a pandemic by the World Health Organization has brought us to the threshold of unprecedented situations with huge changes in our personal and professional lives.

Governments worldwide have been directed to take measures to combat it, while the economy, businesses and society have been unimaginably affected.

One of the burning issues that concerned government and the community was the situation regarding the payment of rents in Cyprus. Amendments to the relevant legislation were made to help both tenants and homeowners.

The bill gives an incentive to homeowners to reduce rent by providing income tax credit of up to 50% for the 2020 tax year.