Cyprus-Forum.com

[gill]

Does anybody know wether you need a license to run a residential lettings and property management business in Cyprus.

I have heard a mixed variety of comments, but I am still baffled as to what is the truth.

[Svetlana]

No! They are unregulated.

lana

[gill]

Thank you for your reply, i have been told that to run a property letting agency, i need an estate agents license, is this so?

[nhowarth]

Hi Gill,

> an estate agents license

You are only required to have an estate agents license if you sell property. As Lana has already stated, letting agents are unregulated as are property management businesses.

Regards,

[gill]

thank you both for your advice. i went to see a solicitor today about some legal advice on this subject and he said that you do need a license even if you are doing just lettings but you dont need it for property management, he also said that if you get caught that you could end up in prison. i said what about all these companies that are running, he said that they are just taking a risk. he said that they are trying to change the law and have it the same as the rest of europe but it wont happen till the end of the year.
so not sure whether to take the risk or not, what do you think?

[nhowarth]

Hi Gill,

> you do need a license even if you are doing just lettings

If you are letting out your property to tourists, then you need a licence from the Cyprus Tourism Association.

If you are letting out other peoples' properties to tourists, then those people need a licence from the Cyprus Tourism Association.

Regards,