According to Cyprus Law, there is no restriction on the amount of property nationals of EU member states can buy. They do need however to follow a small procedure, which requires them to take their passport and Temporary Resident Permit to their local District Administration Office. Once there the officers will issue them with a certificate confirming their status and within a week the certificate will arrive to their door step by mail.
Things change a bit in the case of Non-resident EU nationals. While they are allowed to buy as much land as they wish, in regards to other property they are restricted to one house or apartment only. To do so, they need to obtain approval from the Council of Ministers, a process that can take between six and twelve months (longer in some cases) to be completed. It’s worth noting however, that only on rare occasions does the Council of Ministers refuse to give permission to genuine EU nationals. Even in the odd occasion where a request is refused, the contract is still valid. It is important however that you ask your legal representative to include provision for such an event when drawing up the contract.
Also note that a permission issued by the Council of Ministers is only applicable in the case of a property bought for personal use and not for letting or commercial purposes.
However Non-resident EU nationals that acquire permanent or temporary permits by signing a confirmation they will reside in Cyprus for the next five years, have the right to register as many properties as they wish.
Non-resident EU nationals need to apply – either in person or through a lawyer – to the District Administration Office in the area where the property is situated in order to gain permission to buy land or property. Apart from the application form, applicants must also supply information about themselves including their financial status, details of the property and the present owner. They also need to include a copy of their passport, the sale contract and the terms of payment.
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