EARLIER today, the Interior Ministry submitted a new draft law to Parliament which is designed to open the doors to European estate agents wishing to practice in Cyprus.
The changes to the law result of an earlier EU inquiry into Cyprus’ restrictive practices that penalised estate agents from other EU-member states wishing to practice on the Island.
As a result, the Commerce Ministry prepared a bill designed to bring the Island’s existing estate agent’s laws into line with the Acquis Communautaire with the assistance of the legal service and the Estate Agents Registration Council.
Changes to the existing law relate to the establishment of companies as real estate agents, the professional qualifications of real estate agents, the provision of services by real estate agents situated in other European Union member-states and the examination that EU real estate agents must take if they wish to settle in Cyprus.
The new law provides for all individuals who have graduated from a secondary school in a European Union member state and are actively involved in real estate who will now be able to register with the Estate Agents Registration Council providing they prove that they have a minimum of five years experience in the market.
A copy of the draft law has been sent to the European Commission.