definition of alien by law is any person who is not a citizen of
the Republic (whether resident or not) including an alien
controlled company, but it does not include aliens of Cypriot
origin or the alien wife of a person who is a citizen of the
Note: EU members and companies can
acquire and invest in any type of property and are treated as
ordinary Cypriots since 1st of May 2004
the purpose of the legislation, acquisition of real estate
Long leases of more than 33 years.
The acquisition of shares in a company, which owns real estate,
if such an acquisition results in the company becoming
controlled by aliens.
The establishment of a trust or any type of set-up, which is
connected with the ownership of real estate, for the benefit of
an alien. Any registration of property not complying with the
law is invalid. The following general points of real estate
acquisition are hereby provided as a very rough and general
foreigner can buy a house for his own use only. In case of a
long established person who has business (e.g. offshore company)
or is residing in Cyprus, a permit to buy another house may be
forthcoming. E.g. a foreigner has a house in Nicosia and wishes
a beach-flat in Larnaka or a villa in Platres for holidays.
foreigner can buy land, for building, up to the extent of three
donums (4.000m²). A permit to buy a plot of land outside the
development area will most likely be refused (this is not so in
the case of a house purchase so situated).
No transfer of a share in property can be effected, i.e. a
permit will be refused in case of a foreigner acquiring a share
One couple (husband and wife) can only buy one house (not one
In the case of foreign companies they can buy/build their
offices only. No permit will be given for the purchase of a
residence unless the house can be registered in the name of the
company's director and he makes the application.
house cannot be bought in joint ownership save husband and wife.
In case an alien will construct a building, the cost must be
paid in foreign currency.
In granting a permit to build, the Government may impose a time
limit to effect the transfer/construction of the property. Such
limit may be extended, however, on application depending on the
circumstances. A period of three years is considered as a
maximum but this can also be extended.
foreigner wishing to rent property for periods of thirty-three
years or more requires the Council of Ministers' approval.
foreigner can sell his house and buy another. Any bona fide
repeat purchaser will be granted a permit.
foreign purchaser may let his property for periods in excess of
30 days to a resident of Cyprus (not short lettings). This does
not apply to offices.
Any contract in purchase/lease etc. of real estate is valid even
if the Council of Ministers rejects the foreigner's request. As
such when purchasing property it is recommended that the
contract includes a provision for such an event so as to secure
a refund or other remedy to cover such an unlikely occurrence.
time period required for obtaining an answer from the Council of
Ministers, provided all documentation is in order is approximately
two-three months. As a general rule, all foreigners are permitted
to acquire house/ business premises in Cyprus, provided they have:
No criminal record in their own country or in Cyprus.
The financial means to support themselves in Cyprus (an income
per couple in the region of €25.000 per year. is considered
Companies with dubious past, unclear ownership, unclear
business etc. are not looked upon favourably.