Cyprus has implemented new measures to boost the property market and enhance the attractiveness of Cyprus for foreign investment.
In an effort to boost the property market and enhance the attractiveness of Cyprus for foreign investment, Cyprus has implemented measures that allow for citizens of non EU countries to acquire more than one property in Cyprus, provided that certain conditions are met.
In particular, a non EU citizen or a married couple comprising non EU nationals can be granted permission to acquire up to 2 (two) residential units, provided that there are located in the same development and are adjacent units (either horizontally or vertically), in a way that it could be possible to consolidate them into a single unit.
The above residential units may comprise two apartments or two houses or a house/apartment with a storage area of 100 square meters or a house/apartment and an office space with a total area of 250 square meters.
In regard to land, the position remains the same, i.e. permission can be granted for the acquisition of a plot of land (or part thereof) comprising an area of up to 4000sq.m for the construction of a house for residential purposes. The license can be given to a non EU citizen or jointly to non EU spouses.
For more information, please contact us at info@kyrlaw.com.cy
Source: Harris Kyriakides LLC
Published on 27 December, 2012
