|Cyprus Property Laws for Foreign Buyers
Golden beaches that stretch out beyond the horizon, 300 days of sunshine each year, great food and some of the friendliest people you are ever likely to meet - Cyprus really does have it all! Naturally, with so much going for it, Cyprus is fast becoming the location of choice for those wishing to buy a place in the Mediterranean sun. If you are thinking of purchasing a retirement home or second property it pays to become familiar with the property purchasing laws in Cyprus before you start your search.
On May 1st 2004 Southern Cyprus became a member of the European Union. Entry into Europe brought with it many freedoms for EU residents wishing to buy property in Cyprus. For EU nationals who apply for Cyprus residency there is no longer a restriction on the number of properties that can be purchased. Additionally, no permission from the authorities is required for the purchases.
EU residents who do not intend to live in Cyprus on a permanent basis are free to purchase as much land as they want. However, like non-EU citizens, only one home can be purchased on the island and the transaction is subject to authorization by the Council of Ministers. In most instances, authorization is a formality, but as the process can take up to twelve months it is advisable to include contingencies in any purchase agreements made with developers / contractors should authorization not be granted.
For purchasers outside of the European Union, only one property may be purchased per person. This does not prevent purchasers from buying other properties in the names of different people (such as spouse, children and other family members). Non EU residents are also restricted in the amount of land that they are able to purchase on Cyprus, this being an area equivalent to three donums.
For both types of purchase, approval must be sought from the Council of Ministers. Providing all the correct documentation is included, bona fide applications are normally approved within six to twelve months of submission.