The Interior Ministry recently published guidance outlining the ins and outs of granting a license to foreigners to acquire immovable property in Cyprus, which I have reproduced below:
In general
Foreigners, citizens of other States outside the European Union, including foreign companies, as well as companies controlled by foreigners, as these terms are interpreted in the law, who wish to acquire immovable property in Cyprus must first obtain the necessary permission from the relevant Provincial Administration.
In order to grant the permit, the COMM 145 form/application is completed and submitted together with all the necessary supporting documents to the Provincial [District] Administration of the Province [District] in which the property they wish to acquire is located.
No fees are paid for the granting of the permit, while the processing time of the request is between 2 – 3 weeks.
Conditions
A foreigner or a couple of foreigners can be granted a permit to acquire:
- A plot of land or land that has not been divided into plots with an area of up to 4000 sq.m., for the construction of a house for owner-occupation.
In the case of a couple, only one license is granted as above.
or
- Up to two units which may be in different development. These units can be either two residential units or one residential unit and a shop up to 100 sq.m. or a residential and office unit with an area of up to 250 sq.m.
In the case of a couple, the above limitation applies to the couple as a whole.
Certificates (If not done electronically)
The COMM 145 form/application must be accompanied by the following documents:
- Spatial Plan
- Copy of the Title Deed
- Copy of the Building Permit (required only if no separate title deeds have been issued for the apartment or residence being purchased). For plots that are under subdivision, a copy of the Subdivision Permit must be submitted.
- Copy of the duly stamped bill of sale.
- Floor plan of the house or apartment.
- Evidence of the applicants’ financial situation.
- Copies of passport pages of applicants and their spouses.
- Applicants’ marriage certificate with an official translation if it is not in Greek or English (required only if the spouses do not have the same surname and the spouse’s passport does not include the husband’s name).
- Copy of the applicant’s residence and work permit in Cyprus.
- In cases where the applicant is a company or the applicant is a shareholder of a company, in addition to the above, certificates of registration, shareholders, directors and registered offices of the company, a copy of the company’s articles of association and information on its activities and the staff it employs, must be submitted, with their Social Security numbers as well as the first pages of the passports of the company’s shareholders and their spouses.
Legislation
The Acquisition of Real Estate (Foreigners) Law, Chapter 109, and its Regulations.
(Further details and contacts may be found on the Interior Ministry’s website.)
