The Cyprus Ministry of Interior has recently published guidelines outlining the conditions and requirements for foreigners to obtain a licence to purchase real estate in the country. According to the guidelines, non-EU citizens, including foreign and foreign-controlled companies, are required to obtain permission from the relevant district administration.
Basic conditions for obtaining permission
Foreign nationals wishing to purchase property in Cyprus must complete and submit COMM 145 form along with the necessary supporting documents to the district administration where the property is located. The application will be processed within two to three weeks and there is no fee for issuing the permit.
Conditions for purchasing real estate
A foreigner or foreign couple may be granted permission to purchase one of the following types of real estate:
- A plot of land up to 4,000 sq. m. for the construction of a house for personal residence. In the case of a couple, only one permit is issued.
- Up to two properties, which can be located in different developments. These can be:
- Two residential properties.
- One residential property and a store with an area of up to 100 sq. m.
- One residential property and an office space with an area of up to 250 sq. m.
In the case of a couple, this restriction applies to the couple as a whole, and not to each spouse separately.
Required documents for application
The following documents must be attached to the application ( COMM 145):
- Site plan.
- Copy of the title deed to the property.
- A copy of the building permit (required if a separate title has not been issued for the apartment or house). For plots in the process of being divided, a copy of the division permit must be provided.
- A copy of the purchase and sale agreement with the appropriate seal.
- Floor plan for a house or apartment.
- Information on the financial situation of applicants.
- Copies of passport pages of applicants and their spouses.
- Marriage certificate with translation into Greek or English, if the spouses have different surnames or the husband’s name is not indicated in the spouse’s passport.
- A copy of the applicant’s residence permit and work permit in Cyprus.
If the applicant represents a company or is a shareholder, the following must also be provided:
- Certificates of incorporation of the company, its shareholders, directors and registered offices.
- A copy of the company’s charter.
- Information about its activities and the number of employees, including their social security numbers.
- The first pages of the passports of the company’s shareholders and their spouses.
The procedure for purchasing real estate is governed by the Aliens’ Acquisition of Real Estate Law (Chapter 109) and its regulations. Further information can be found on the official website of the Ministry of Interior of Cyprus.
