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Acquisition of immovable property by foreigners (non EU)- rights & restrictions

Third country nationals (Non-EU) are restricted as to the size and type of the property (other than land) that they wish to purchase in Cyprus.

 

Real Estate Purchasers from all countries around the world prefer to purchase property in Cyprus because of low taxation, low costs, high standards of living, the hospitality of the local population, the excellent all year round climate, safety and security. The island has one of the most advanced and reliable Land Registry Offices in the world and a banking system equal to other developed European countries.


Cyprus maintains an effective Land Registry system in which all immovable property (a term that includes both land and property) is registered.

 

Each piece of immovable property has an associated:

  • Registration Certificate (also known as a Title Deed) containing information such as the owner(s), its size and location and the Land Office reference;
  • An accompanying Site Plan that situates the land on a map.

The Acquisition of Immovable Property (Aliens) (Amendment) Law 54(I)/2003 brought about some changes to the old policy relating to the acquisition of immovable property by non-EU nationals or legal bodies.

 

Non-EU nationals are allowed to purchase one of the following:

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

 

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