Buying property

Buying properties in Cyprus is very simple especially for foreign people who do not come from Cyprus. People of countries which are not in the European Union are able to own properties while offshore entities can buy a business building or a building as a residence for their foreign employees.

Those who wish to buy properties in Cyprus must request a written application from the Council of Ministers, submitted by the non-EU purchaser after the agreement. This permission is given as a matter of course to every purchaser. However, buyers can take their properties without any restrictions. The application to the Council of Ministers for immovable properties can be made within a reasonable amount of time after signing the contract. EU citizens do not need any permission to buy any immovable property.

As for the EU citizens who do not live in Cyprus also need the approval from the Council of Ministers. EU citizens with temporary or permanent permits can require as many properties as they want on the condition that they have already signed a confirmation with the government of Cyprus that they will stay in Cyprus for the following years.

Legal entities which were established in EU countries and have their headquarters and their registered office in Cyprus do not require permission to purchase any immovable property. However, legal entities established in Cyprus and controlled by citizens of the EU require permission to buy immovable property and any other legal entities as well.