Cypriots and EU citizens:
According to the Cyprus Law, Cypriots and EU citizens, Cyprus may acquire any property without restrictions.
Non-EU citizens:
For non-EU citizens, there are restrictions on the type and size of real estate they are allowed to buy. Precisely, non-EU citizens may purchase a house/a flat/ a building plot/land up to 4.014m2. It should be underlined that non-EU citizens may also buy a shop under the condition that the shop will be used only for business purposes. Additionally, it should be highlighted that Cyprus Companies whose shareholders are non-EU citizens may obtain business offices and residence for their foreign employees given that they maintain a fully-fledged office.
According to the provisions of the Acquisition of Immovable Property (Aliens) Law (Cap.109), non-EU citizens wishing to buy immovable property in Cyprus must submit an application to the District Office of the District where the property is located.
The Applicant should submit together with the Application the following documents/details:
- Form Comm 145 completed and signed;
- Contract of sale;
- Financial standing (i.e. a bank statement);
- Particulars of the property and of the current owner;
- The terms of payment and the way of acquisition;
- A copy of the Applicant’s and the spouse’s passport. In case the spouse does not have the same surname as the Applicant then a marriage certificate needs to be submitted;
- Copies of the governmental survey plans;
The letter of approval/refusal by the District Office may take approximately up to six months. Nevertheless, the Applicant may in the meantime take procession of the immovable property he/she bought.
