LEGAL INFORMATION

A citizen of an EU member country in Cyprus can own as much ‘immovable property’ (a term that includes both land and property) as they wish. You need to apply in person for a residency permit using one of the MEU Forms appropriate to your circumstances. These can be obtained online by clicking the link above and from the Civil Registry and Migration Department of the Ministry of Interior, the ‘Aliens Department’. After a successful interview with the officers at the Department, you will be issued a ‘Yellow Slip’.

A national of a European Union member country not resident in Cyprus may own as much land as they wish. However, if you want to buy any other sort of’ immovable property,’ your ownership is restricted to one house or apartment for which approval from the ‘Council of Ministers’ is needed.

A national of a non-European Union country must seek the approval of the Council of Ministers before they can own any immovable property. Furthermore, unless there are exceptional circumstances, your ownership will be limited to:

• An apartment.
• A house.
• A building plot or land up to approximately three donums (4,014 sq.m.).

Upon its accession to the EU, Cyprus revised many of its laws that placed restrictions on property investment by citizens of other EU member states. To protect its sensitive property market, it agreed to a five-year transitional period with the European Union, preventing EU citizens who are not permanent island residents from owning secondary residences.

(In exceptional circumstances, the Council of Ministers will grant permission to own more than one building. For example, if you are a property developer and wish to take over a hotel).

Obtaining Council of Ministers Approval

To get the Council of Ministers approval to own property in Cyprus, your lawyer will complete an application form and submit it, together with information about yourself and details of the property you want to buy, to the local District Office.

The District Officer makes further inquiries and prepares a report that he submits to the Council of Ministers for their consideration. In the meantime, any contract you have signed and deposited at the Land Registry for Specific Performance to purchase a property remains valid, and you may take possession of the property while your case is being considered.

The Council of Ministers advises the District Officer of its decision. In turn, the District Officer sends you a letter of approval (a permit) or refusal.

It is unusual for the Council of Ministers to refuse permission to bona fide EU citizens and foreign nationals.

When applying to the Council of Ministers, the following documents and information must be submitted:

• Survey plan
• Copy of the title of ownership
• A copy of the building permit is required to erect the house/block of flats or the residential development of estates. If separate titles of ownership have been issued for the apartments of the block or if the house is mentioned on the title of ownership, applicants need not submit a copy of the building permit. Applicants must submit a copy of the division permit for plots under the division.
• Copy of the deed of sale.
• A sectional view of the building or the flat. Very old houses mentioned on the title of ownership are exempted. A division plan must be submitted in the case of division of plots. In residential development areas, the plan must be submitted showing the position of the house on the entire holding.
• Area in square meters of the plot to be acquired.
• Documents proving the financial situation of the applicants.
• Copies of the applicants’ passports and those of their spouses (the pages containing the data, the photo of the holders, and the stamps of arrival to and departure from Cyprus).
• The applicants’ certificate of marriage or the relevant attestation of their Embassy in cases where the spouses do not have the same surname and when the husband’s name is not written on the wife’s passport.
• Copy of residence permit and work permit of the applicants in Cyprus.
• Application COMM 145, completed clearly and in full.
• If the applicant is a company or a shareholder in an offshore company, it is necessary to submit the certificates of registration, shareholders, and registered offices of the Company.
• If the applicant is a company, a copy of the company’s articles of association must be submitted. Written information must be furnished on the Company’s activities in Cyprus and the staff it employs, both Cypriots and foreigners with social insurance numbers.