Property prices, low taxation, high living standards, and an excellent all- year-round climate make Cyprus an increasingly popular choice for property investors.
The Acquisition of Immovable Property (Aliens) Law Cap. 109 is the Law which governs the purchase of land and property by EU and non-EU national and/or legal bodies. The Acquisition of Immovable Property (Aliens) Law 54(I)/2003 brought about some changes to the old policy relating to the acquisition of immovable property.
According to the Law, nationals of EU member states who are residents or who work in Cyprus may purchase as much land as they wish. Such residence is ascertained by the local District Administration Officer.
Nationals of EU member states who are not residents and/or who do not work in Cyprus, and other non-EU nationals, are restricted as to the size and type of property (other than land) that they may purchase. Non-EU nationals need to obtain the prior permission of the Cypriot Council of Ministers, a power which has been recently delegated to the local District Administration Officer.
Cyprus companies whose shareholders are EU-nationals who live and work in Cyprus do not need a permit to own any kind of immovable property. If the shareholders do not live or work in Cyprus, then the company would need a permit to own immovable property. Companies registered in any EU member state do not need a permit to own land in Cyprus but there are some restrictions.
The procedures can be complex and time-consuming, and our knowledge and experience in this field will ensure total peace of mind that all essential legalities have been complied with. N. Pirilides & Associates LLC can provide the following legal services to clients:
- Drafting the Contracts of Sale;
- Providing advice on the Acquisition of property in Cyprus by foreigners and non- residents;
- Acquiring approval from the Cypriot Council of Ministers if required;
- Land Registry Office transfers;
- Conducting due diligence on property;
- Estate planning;
- Wills & Probate;
- Immovable Property taxation advice