The immovable Property Acquisition (Aliens) Law
Acquisition of property in Cyprus by Alien is slightly more complex. Buying property in Cyprus is open to aliens and the buying process largelly follows the ordinary path when purchasing real estate in Cyprus. However, procedures and relevant applications are best handled by expert legal representative (see article Cyprus Lawyers). The Alien has to secure a special Council of MInister approval to acquire immovable property in Cyprus.
Aliens can also dispose of their immovable property freely.
Who is considered Alien
• An Alien means a non citizen of the Republic
• An Alien means a company which is controlled by Alien
But it does not include (amending law 161(l)/2011 – took effect 26/12/2011):
a) Alien Cypriot
b) Alien wife of a citizen of the Republic
c) A citizen of a state member of the EU and a citizen of a country which participates in the European Economic Area (EEA) (Iceland, Liechtenstein and Norway)
d) A legal person (company, etc) which was established under the legislation of a state member of the EU or of a country which participates in the EEA and which has its office in a state member of the EU or in a country which participates in the EEA
The acquisition of immovable property by an Alien has to be approved by the Council of Ministers (except by inheritance).
The acquisition of 2,676sqm of land that is necessary for the erection of a house or business premises is allowed.
Other special provisions exist also that Council of Ministers may approve. The acquisition of larger area may be allowed if :
- It is for construction of own residence up to 4014sqm
- For business premises
- For industrial purposes in sectors appropriate for the Cyprus economy
<> also includes
- A lease over 33 years
- Acquisition of shares resulting in the control of the company by Aliens