Foreigners Buying Property in Cyprus in 2024

Foreigners Buying Property in Cyprus in 2024

Cyprus is a popular destination for foreign investors looking to buy property. The island offers a favorable climate, developed infrastructure, security and stability. Buying property in Cyprus opens up opportunities for obtaining a residence permit and even citizenship through investment programs.

Foreign nationals (non-EU citizens, including foreign companies and foreign-controlled companies as defined by law) who wish to buy property in Cyprus must first obtain permission from the local District Authority. To obtain permission, an application form COMM 145 must be submitted to the District Authority where the property to be sold is located, along with all the necessary documents. There is no fee for the purchase permit and applications are processed within 2 to 3 weeks.

1. Conditions for buying property in Cyprus.

Foreign nationals or foreign couples may obtain permission to purchase:

1. A plot of land, not divided into plots, up to 4,000 m² in area for the purpose of building a home for their own use. Couples are granted a joint permit.
   Or
2. Up to two properties, which may be at different stages of construction. The properties may be two residential units, or one residential unit and a shop up to 100 m² in area, or one residential unit and an office up to 250 m² in area.

This restriction applies generally to couples.

2. Required documents.

The application form COMM 145 must be accompanied by the following documents:

• Topographic survey.
• Copy of title deed.
• Copy of building permit (only if separate title deeds have not been issued for the apartment or residential unit for sale). For plots in the process of being divided, a copy of the division permit is required.
• Copy of the sales contract with stamp duty paid.
• Floor plans of the residential premises or apartment.
• Evidence of the applicants’ financial status.
• Marriage certificate with a certified translation (if not in Greek or English and only if the spouses do not have the same surname and the wife’s passport does not contain the husband’s surname).
• A copy of the applicants’ residence and work permits in Cyprus.

If the applicant is a company or a shareholder of a company, the following must also be provided:

• Certificates of incorporation, shareholders, directors and registered office of the company.
• The articles of association and constituent documents of the company.
• Information about the activities and personnel of the company, as well as their social security numbers.
• The first page of the passports of the company’s shareholders and their spouses.

3. Cyprus Law.

The process of acquiring real estate by foreigners is regulated by the Acquisition of Immovable Property (Aliens) Law (Chapter 109) and related regulations.

Buying real estate in Cyprus is a profitable investment and opens up wide opportunities for foreign investors. Despite certain restrictions, the process of acquiring real estate on the island is quite simple and transparent. Obtaining permission from the local administration and observing the necessary formalities will allow a foreigner to become an owner of real estate on one of the most attractive islands in the Mediterranean.

This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication. This article is for informational purposes only. For further advice, please contact us at the contacts listed on the site.