Right of acquiring immovable property in Cyprus by third country nationals

For Non-EU nationals, the Acquisition of Immovable Property (Aliens) Law Cap 109 applies.

Non-EU nationals are restricted as to the size and type of the property (other than land) that they wish to purchase- they are only entitled to purchase one of the following that is to say:

1. one apartment,
2. one house,
3. Or a building plot or land, up to 4,014 sq.m.

Non-EU nationals must obtain the prior permission of the Cypriot Council of Ministers-recently delegated to the District Officer of each District.

Cyprus Companies whose shareholders are EU-nationals, who live or work in Cyprus do not need a permit to own any kind of immovable property in Cyprus.

Companies registered in EU member states do not need a permit to own land in Cyprus but need a permit to own a house/apartment.

International Business Companies may purchase premises for business purposes and for the residence of their foreign employees provided that they have a fully fledged office in the Republic. The Council of Ministers (now the District Officer) may at times approve a larger piece of property by foreigners subject to the land being used for tourist development or if the land is in an area where the State intends to promote the tourist industry.  The same applies within the Industrial sector.