The process of purchasing a property in Cyprus is relatively simple, in comparison to other European countries. All foreigners can buy property in Cyprus, there are no restrictions, as long as the correct documentation is supplied, and the applicant does not have a criminal record.
All non-Cypriots need to apply to the Council of Ministers for permission to buy property, and as long as they fit into the following criteria, the granting of permission is more or less guaranteed.
There are no restrictions in taking up residence in newly bought homes before permission is granted. It is also worth noting that permission to buy a property in Cyprus is granted for personal use only, renting out your property to others for commercial gain is considered illegal.
- EU citizens can purchase property in Cyprus without any restrictions as long as they undertake a commitment to live in the country for the following 5 years.
- EU nationals who are permanent residents do NOT need to apply for permission in order to buy a property.
- EU nationals not resident in Cyprus DO need permission from the Council of Ministers in order to buy a property.
- Non-EU citizens are allowed to purchase property up to a maximum of 4,014 sq. meters of land or one house or apartment.
- Offshore companies may purchase premises for their business operations or homes for their foreign employees.
- EU legal entities with their headquarters in Cyprus who have registered their offices in Cyprus, do NOT need permission to acquire real estate.
- Cypriot legal entities controlled by EU nationals out of the country DO need permission from the Council of Ministers to purchase any property or legal entity.