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Non - EU Citizens ('Aliens') - Acquisition of immo


Regarding the Acquisition by Non-EU Citizens (“Aliens”) of Immovable Property in the Republic of Cyprus

 

As per the Immovable Property Acquisition (Aliens) Law (Cap.109), non-EU citizens (“Aliens”) can purchase immovable property in Cyprus only after they have received permission from the Council of Ministers, which they will need to apply for in written form after they have signed the contract of purchase.

 

The Law limits the types of property that a third-country national may acquire in the Republic of Cyprus. Such immovable property can include:

 

An apartment or house,

A luxurious residence on a plot that does not exceed 4014 square meters,

A plot that does not exceed the total area of ​​4014 square meters, provided that a house is to be built soon.

 

 

It should be noted that for the acquisition of larger lands or other types of real estate (offices, commercial, industrial buildings, etc.), a permit may be granted under certain conditions.

 

Leases of a duration of more than 33 years are treated by the Law in the same way as a purchase of the above.

 

 

You are reminded that the above information is listed only for informative purposes. The above does not exhaust the relevant laws and regulations that apply regarding the acquisition of property by aliens in the Republic of Cyprus. It is your responsibility to acquire the necessary knowledge and information. You should always seek independent legal advice before proceeding with any of the above procedures.

 

The Office will not be held liable in any way, shape or form, for any damages, misunderstandings and / or any form of loss that a prospective buyer may incur because of provisions of the and / or the applicable Laws and Regulations that regulate the acquisition of property by third-country nationals. The prospective buyer will always be liable to pay the fees of the Office and / or fees for services of a real-estate agent, if such services have been provided, regardless of whether the prospective buyer has managed to acquire any and all permits and / or documents required for acquiring immovable property in Cyprus or for their legal stay and / or residence in Cyprus. It is the duty of the prospective buyer to be fully informed of the applicable Laws and Regulations on the day that they wish to engage with the Office to receive services of a real-estate agent and / or proceed with an offer for the acquisition of immovable property.

 

 

Regarding the acquisition of an Immigration Permit by Non-EU Citizens (“Aliens”) through investment in immovable property

 

For the acquisition of an Immigration Permit by Non-EU Citizens (“Aliens”) through investment in immovable property, the applicant must invest at least €300,000 as following:

 

(A) Investment in a house/apartment: Purchase of up to two houses or apartments from a development company or two different development companies, which should concern a first sale of at least €300,000 (plus VAT) or, if purchasing two house or apartments, a total of at least €300,000 (plus VAT).

 

(B) Investment in real estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000. The purchase of interest can be the result of a resale/sale of a used property.

 

It is clarified that investment in a house/apartment concerns a sale of a new unit (or two new units), whereas other types of real estate (excluding houses/apartments) can concern a resale or a number of resales that total a value of at least €300,000.

 

It should be noted that there are various ways to acquire an immigration permit and we have only listed the avenues regarding investment in immovable property, as per the guidance of the Civil Registry and Migration Department.

 

You are reminded that the above information is listed only for informative purposes. The above does not exhaust the relevant laws and regulations that apply regarding the acquisition of property of immigration permits by aliens in the Republic of Cyprus. It is your responsibility to acquire the necessary knowledge and information. You should always seek independent legal advice before proceeding with any of the above procedures.

 

The Office will not be held liable in any way, shape or form, for any damages, misunderstandings and / or any form of loss that a prospective buyer may incur because of provisions of the and / or the applicable Laws and Regulations that regulate the acquisition of property or immigration permits by third-country nationals.