THE Cyprus Property Magazine has been advised that non-resident EU citizens no longer require Council of Ministers Permit to own property. We hope to be able to confirm this in the next few days.
Background
On its accession to the EU on 1st May 2004, Cyprus revised many of its laws that placed restrictions on property investment by citizens of other EU member states. But to protect its sensitive property market, it agreed a five-year transitional period with the European Union preventing EU citizens who are not permanent residents of the island from owning secondary residences. That transition period ended on 1st May 2009.
From the information we have received, it appears that these restrictions have now been lifted and that EU citizens may acquire as much property as they wish.
We will publish further information on this particular subject as soon as it becomes available.
Update – 11th May 2009
We can now confirm that although the law has not been changed, the practice has. Effective from last Monday, 4th May, all EU citizens require to transfer the ownership of a property to their name is their passport (plus the Property Transfer Fees).
