If you are a non-EU national, holder of a non-European passport, or a non-citizen of the Republic of Cyprus, acquiring immovable property in Cyprus requires a special permit. This permit, governed by the Immovable Property Acquisition (Aliens) Law, Cap 109, must be approved by the Council of Ministers before the property transfer can be finalized in your name. Each non-EU national is restricted to applying for permits for up to two properties in Cyprus (as an individual), unless the properties will be registered in the name of a Cypriot Company for which this limitation rule does not apply.
Key Restrictions for Non-EU Nationals
According to regulations enacted on 12/12/2012, non-EU nationals face specific restrictions when purchasing immovable property in Cyprus:
- Types of Properties: The permit may cover the acquisition of an apartment, house, villa, plot of land, or commercial property such as a shop. However, land not divided into plots must not exceed approximately 4,000 square meters.
- Size Limitations:
- Residential units or shops cannot exceed 100 square meters.
- Residential units or offices cannot exceed 250 square meters.
- Agricultural Land: Non-EU nationals are not permitted to acquire agricultural land.
- Married Couples: Only one permit is granted per married couple, as they are considered a single applicant.
Navigating these legal requirements can be complex, and it is essential to have experienced legal counsel to ensure compliance and facilitate the acquisition process. Our law firm specializes in assisting non-EU nationals with their property acquisitions in Cyprus, providing expert guidance every step of the way (i.e. from the signing of the Sale Contract, the application for Alien’s Permit, until the transfer of the Title Deed in the name of the Purchaser).
For any further information / clarifications you may need, do not hesitate to contact us at: [email protected]
