Since Cyprus joined the European Union (as of May 2004) most of the procedural restrictions upon buying property have been lifted for EU citizens. All the restrictions will eventually be lifted after April 2009. Until then EU citizens who are not permanent residents of Cyprus as well non -EU citizens are entitled to a freehold ownership of either an apartment, a house, or a building plot or land. In the case of EU citizens the property size is unlimited contrary to non EU citizens who may acquire property up to 4.014 square meters (the equivalent of three donums).
Further, in the case of E.U citizens who are not permanent residents of Cyprus as well as non E.U citizens wishing to acquire property in Cyprus, authorisation is required from the Council of Ministers which is granted as a matter of course to all bona fide purchasers if there is proof that the purchase was with foreign funds, which were imported to Cyprus. The application must be submitted after the contract of sale is signed and it normally takes about 6-8 months to be issued. In the meantime, the purchasers can take possession of their property without restriction and live in it or rent it out as they are the legal owner of the property according to the law.
Legal entities established in E.U. that have their headquarters and registered office in Cyprus, do not require permission to buy any immovable property. Legal entities established in Cyprus and controlled by citizens of the E.U. require permission to buy immovable property in Cyprus as well as any other legal entities.
by Tsitsios & Associates LLC
