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.