Acquisition of Real Estate Properties in Cyprus by EU Citizens and Legal Entities and Other Foreign Entities and citizens

(a) Citizen of a Member State of the European Union

The Law on Real Estate Acquisition (Amendment) (Foreigners) Law no. 54 (I) 2003, which came into force with the accession of Cyprus to the European Union on 1.5.2004, provides that every citizen of a Member State of the European Union, who has his permanent residence in the Republic, as well as any legal entity that has established in accordance with the legislation of a Member State of the European Union and which has its registered office, its central administration or its main establishment in the Republic, may acquire any property in Cyprus without the approval of the Council of Ministers.

Citizens of European Union Member States who do not have a permanent residence in the Republic of Democracy as well as legal entities established in accordance with the law of a Member State of the European Union and who have their registered office have the same right. , their central administration or their principal establishment in a Member State of the European Union, with the exception that these persons, naturally and legally, cannot obtain a secondary residence in the Republic without the prior approval of the Minister. Council.

The issue of establishing permanent residence in the Republic of Europe for citizens of a Member State of the European Union is governed by the Law on Free Movement and Residence of Citizens of Member States of the European Union and their Family Laws, no. 92 (I) 2003, as amended to date and the relevant regulations issued under this law.

The relevant certificate of permanent residence in Cyprus, for the citizens of a Member State of the European Union, will be issued by the local Offices of the Provincial Administrations, of the Ministry of Interior and will be presented on the date of acceptance of the transfer.

The question of whether a legal entity (company) has been established in accordance with the law of a Member State of the European Union will be confirmed by the Comptroller of Companies by issuing a certified copy of a certificate of registration of its legal entity or a certificate of registered office.

(b) Citizen of other countries

In regards to the acquisition of real estate by foreign nationals of other countries besides the European Union, including foreign companies, as well as companies controlled by foreigners, as these terms are interpreted in the law, the current tactics will continue to be observed. the granting of a license for the acquisition of real estate by the Council of Ministers, a power granted to the Provinces.

The area of ​​land granted is absolutely necessary for the construction of a residential or commercial property or a maximum of 2676 sq.m.

A license for the acquisition of real estate by a foreigner, if it exceeds the absolutely necessary area for the construction of a residential or commercial property or the area of ​​2676 sq.m., is granted only for purposes:

(a) Housing, provided that it is intended for private residence and concerns land that does not exceed the area of ​​4014 sq.m.

(b) Professional or commercial housing

(c) Industry in areas which are considered by the Council of Ministers to be beneficial to the Cypriot economy and since the acquisition of real estate is related to the production of products or to industries that require the use of new technology or even know-how.

Source: [https://portal.dls.moi.gov.cy/]