Property Ownership
In comparison to many other countries the process of purchasing property in Cyprus by foreigners is very simple.
Non Europeans are entitled to a freehold ownership of a villa, an apartment or a piece of land, with maximum allowed extend of 4014 sq.meters (four thousand and fourteen square meters).
Europeans are entitled to a freehold ownership of a villa or an apartment. The above restriction, in respect of Europeans, will hopefully soon be abolished because Cyprus entered the EU. It is very possible that such a change in the legal system will increase demand of real estate sharply with the related reflection on property prices. In respect of plots of land, Europeans can purchase as many and for any extent. This was one of the changes which took place because of the entry of Cyprus to the EU.
Foreign companies can acquire premises for their business or for holiday home for their directors.
Europeans who acquire permanent or temporary permit can register in their name as many properties as they want provided that they sign a confirmation to the government that they will stay for the following five years in Cyprus .
Important Information
As in most other countries, there are many regulations regarding buying a property in Cyprus and it can be a lengthy process. The law regarding buying property in Cyprus has changed since 13th June 2003.
These are the points from the District Officer in Cyprus . Note these can change at any time.
- Non Cypriots and non residents of Cyprus require the permission of the Council of Ministers to purchase immovable property in Cyprus
- Only under exceptional circumstances will permission be granted to buy more than one property. (There is a way around this, discuss with lawyer)
- Non Cypriots/residents are not allowed to rent their property to tourists but may rent them to permanent residents of Cyprus
- A permanent resident is undefined as yet but previously it was someone who resided in Cyprus for more than 10 years.
It is important you check with your lawyer any of the above regulations which are subject to change at any time.