As of the 01.05.2009 the restrictions placed on the acquisition of property by EU citizens have been lifted.
Since Cyprus’ accession to the European Union on 1st May 2004, property laws have been revised to conform to the provisions of the acquis communitaire. However, in order to protect the property market, Cyprus negotiated a 5 year transitional period with the European Union preventing EU citizens who are not permanent residents of Cyprus from owning secondary residences. This transition period expired on the 01.05.2009.
Although no specific legislation has as yet been enacted to remove this restriction it appears that the Cyprus authorities in practice no longer place restrictions on the acquisition of property by EU citizens. Legilsation is expected shortly.
Prior to the lifting of this restriction, non-resident EU nationals were permitted to purchase land, however if they wished to purchase any other type of property, their purchase was restricted to one house or one apartment for which approval was required from the Council of Ministers.
It should be noted that non EU citizens are still required to seek approval from the Council of Ministers before they can own any type of property. Following approval, ownership for non EU citizens is limited to:
- An apartment
- A house
- A building plot or land of not more than approximately 4014 square metres
Furthermore, it should also be noted that, in exceptional circumstances, the Council of Ministers will grant permission to non EU citizens to own more than one building. This can occur for example, were a property developer or a Hotel chain seeks to purchase property.
The above should be used as a source of general information only. It is not intended to give a definitive statement of the law.