Cyprus has become a popular destination for non-EU nationals seeking to invest in real estate, supported by a well-established legal and regulatory framework governing property ownership.
The Mandatory Approval
Prior to the transfer and registration of separate title into their name, non-EU national buyers must obtain approval from the competent authority in the district where the property is located.
The authority will review the application and supporting documents and decide whether to grant the approval.
Who Falls Under the Rules?
The approval requirement generally applies to:
- Non-EU nationals acquiring property in Cyprus; and
- Companies that are directly or indirectly controlled by non-EU national shareholders.
Is there a limit to what a non-EU national can buy?
The applicable law provides for specific acquisition limits.
A non-EU national may acquire:
- One plot or parcel of land (not subdivided into building plots), of up to 4,000 sq.m., intended for the construction of a private residence; or
Up to two property units in total, which may include:
- Two residential properties; or
- One residential property and one shop (up to 100 sq.m.); or
- One residential property and one office (up to 250 sq.m.).
Buying as a Couple
For married couples, the applicable restrictions are applied jointly, rather than individually. In most cases, a single approval is issued covering the acquisition for both spouses.
Discretion Still Applies
Even where all conditions appear to be met, approval remains subject to the discretion of the competent authority. Each application is reviewed on its own merits, and additional information may be requested before a decision is issued.
Considering buying a property in Cyprus?
Although non-EU nationals may acquire property in Cyprus, the process is regulated and subject to formal approval requirements, making professional legal support important for a smooth and compliant transaction.
If you are considering acquiring immovable property in Cyprus, contact our team today!
📞 Call us: +357 22 622 262
📧 Email us: info@paraschou.com.cy
🌐 Visit: www.paraschou.com.cy
This article is provided for general information purposes only and does not constitute legal, tax, or other professional advice. It should not be relied upon as a substitute for specific advice on any individual matter or transaction. Professional advice should be obtained before acting or refraining from acting on the basis of any information contained herein.
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