Cyprus is an EU member country with all the consequences that follow from this fact.
After Cyprus became part of the union in 2004, restrictions on the purchase of real estate are gradually lifted in accordance with EU guidelines, and since May 2009, citizens and companies of EU and EEA member states are treated as local residents, which allows them to purchase real estate without any restrictions. They can also buy as much real estate as they wish, without obtaining any permission.
Citizens of non-EU countries need permission from the Council of Ministers. In fact, this procedure is a mere formality, since permits are issued without any restrictions. Only two things are checked: whether the buyer has any problems with the law and whether there is already housing issued for them in Cyprus.
In accordance with the provisions of Immovable Property Acquisition (Aliens) Law (Article 109), Directives of the Central Bank of Cyprus and various circulars issued by the Ministry of the Interior, citizens of non-EU/EEA countries or foreign companies wishing to purchase real estate in Cyprus must obtain permission from the Council of Ministers through the district officer in whose district the object is located real estate. Therefore, a person who is not an EU/EEA citizen must submit an application in the district administration.
Legal issues related to property acquired due to death are regulated by inheritance legislation.
What can third-country citizens buy?
A purchase permit is granted to bona fide applicants for the purchase of an apartment, house or plot of land with an area of no more than three units (about 4,014 m2) in order to build only one house for the exclusive residence of the buyer and their family, the Ministry of Internal Affairs of Cyprus has allowed the possession of a maximum of two objects in one or different buildings.
Real estate may consist of:
- Two residential blocks
- One residential block and a store of up to 100 m2
- One residential block and an office of up to 250 m2
An entire commercial building or a floor in a building with several office premises, for which a common title is issued, is considered one unit.
When buying more than two units of real estate, the title will not be issued. At the same time, the objects can be operated in the usual mode (live, rent, sell, etc.), but it is impossible to get a loan for them.
At the same time, family members of the buyer (excluding their spouse) can also acquire property, provided that they are not financially dependent on the buyer. The permit is granted for personal use only, not for rental or commercial use.
However, these restrictions are not so difficult to circumvent, for example, foreigners can open a company and register the property for it or register it to the name of family members.
What are the advantages of buying real estate for a foreigner?
Owning real estate in Cyprus entitles you to obtain a multiple-entry national visa. At the same time, there is no possibility to travel without a visa to the countries of the Schengen agreement. Cyprus is part of the EU, but not of the Schengen area.
There is a scheme for ordinary budget housing. And "fast track" — accelerated obtaining a residence permit for those who bought real estate in the amount of 300 thousand euros. The purchase of real estate in the amount of 300 thousand euros automatically entitles you to permanent residence, which does not require renewal. And, having lived in Cyprus for a total of 7 years, you can apply for citizenship of the country in the order of naturalization.
The investment citizenship program, thanks to which it was possible to quickly obtain a Cypriot passport, was suspended in 2020. However, there is still an opportunity to get permanent residence in Cyprus for investment.
It is best to contact a specialized real estate agency in Cyprus to search for real estate. First of all, ask for a license to provide such services in order to protect yourself from fraudsters.
We recommend the top real estate agency in Cyprus - DOM Real Estate.
Of course, you can search for a dream house in Cyprus, but it is better to resort to the services of a realtor who knows all the features of the island's market, will check all the papers on the selected object, and will also provide advice on all necessary issues related to the purchase and registration.
Have you decided to buy an apartment or a house in Cyprus? Contact DOM! The website offers a huge selection of real estate — residential and commercial. Experienced agency specialists will be happy to help you make the right choice.