Foreign Ownership of Property in Cyprus: The Ultimate Guide
Foreign Ownership of Property in Cyprus – If you’re a foreigner looking to invest in Cypriot property, the Interior Ministry has outlined the process. Here’s a concise breakdown of what you need to know.
General Overview
Foreigners (including those outside the EU), foreign-owned companies, and firms with significant foreign influence must secure permission from the Provincial Administration to acquire property in Cyprus. Here’s how:
- Form Submission: Fill out the COMM 145 application form, attaching all required documents, and submit it to the Provincial Administration where the property is located.
- Processing: No fees apply; processing takes about 2-3 weeks.
Property Ownership Limits for Foreigners
Foreigners are granted ownership permits for specific types of properties:
- Land Ownership: Up to 4,000 sq.m. of land to construct a house for personal use.
- Residential Units: Up to two units across different developments, which can be:
- Two residential units
- A residential unit and a shop (up to 100 sq.m.)
- A residential unit and office (up to 250 sq.m.)
- For Couples: Only one license is issued per couple.
Required Documents
Prepare these documents when submitting the COMM 145 form:
- Property Documents:
- Spatial Plan
- Title Deed copy
- Building Permit (if no separate title deed is available)
- Subdivision Permit (if applicable)
- Stamped bill of sale
- Floor plan of property
- Applicant Information:
- Proof of financial status
- Passport pages for applicants and spouses
- Marriage certificate (if applicable)
- If Applying as a Company:
- Company registration and shareholder details
- Social Security numbers of employees
- Company’s articles of association
Legislation
Cyprus’s Acquisition of Real Estate (Foreigners) Law, Chapter 109 governs these property regulations.
For full details, visit the Interior Ministry’s website.