Acquisition of Immovable Property in Cyprus

Cypriots & E.U citizens living in Cyprus

Under Cyprus Law, Cypriots or persons of Cypriot origin as well as E.U citizenswho have their permanent residence in Cyprus are allowed to acquire any property without any restrictions. The residential status is ascertained by the District offices and is obtained when a person resides in Cyprus for a total period of 185 days per year or more.

E.U citizens not permanently living in Cyprus & Non E.U citizens

E.U citizens who are not permanent residents of Cyprus and non E.U residents, wishing to purchase immovable property in Cyprus are obliged to adhere to special formalities and are restricted by certain regulations.

A restriction to the type and size of the property is applied. EU citizens not permanently living in Cyprus and non EU citizens are given permission to buy only one apartment or one house or a building plot or land. In the case of EU citizens the property size can be unlimited and in the case of non E.U citizens it can be up to 4,014 square meters (the equivalent of three donums)

The restriction applied for E.U citizens not residing in Cyprus will seize after 2009 and all citizens of the E.U will be treated as equal to Cypriot citizens, regardless of their residential status.

After the permission has been obtained and the property has been registered in the name of the purchaser, there are no other restrictions for foreigners who are the owners of immovable property in Cyprus. The foreigner owner of immovable property can sell it and buy another and as any bona fide repeat purchase will be granted a subsequent permit.