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Acquisition of immovable property by aliens (non EU members)

Cyprus has proved to be an increasingly popular place for retirement and/or for the acquisition of holiday homes by foreigners. Demand, which is continually increasing, is forthcoming mainly from the European Countries.

The upsurge of demand for property by foreigners is attributed to many factors including the relatively low cost of living and its high standard. In addition, the unique hospitality of the local population, the attractive climate, the increasingly important role of safety and security, have played an important role.

Demand and market activity has caused local property values to show a steady and at times sharp appreciation, especially over the last years. Good properties especially resales are still abundant and local property prices are still much lower than those of other European countries.

Restrictions Cypriots or persons of Cypriot origin and extraction and E.U members are allowed to purchase real estate property without any restrictions.

Aliens, however, are only given permission to acquire one of the following:

● One apartment or
● One house or
● A building plot or land up to three donums (4.000m²)

Offshore entities may also acquire premises for their business (no limit on the extend) or for the residence of their foreign employees provided the residence is registered on the employees' names. For the transfer of real estate on an alien's name, the permission of the Council of Ministers is required.

This permission is obtainable by all bona fide cases, provided that the property is not intended for commercial exploitation. In certain cases, however, the Council of Ministers will grant the approval for acquisition for commercial purposes if the particular project will enrich tourism. E.U. members are exempted from such restrictions and are treated as locals as from the 1st May 2004.