An alien/foreigner can acquire immovable property in Cyprus subject to the provisions of the Immovable Property Acquisition (Aliens) Law (Cap. 109) (the “Law”).
Definition of Alien
An alien is any non-Cypriot person whom is considered an non- EU citizen. Pursuant to section 3(1) of the Law an alien must first acquire a permit from the District Administration Office prior to acquiring immovable property in Cyprus, which is of course subject to their approval. The Alien will be able to purchase the property only upon the issuance of said approval. Therefore, the law provides that any contract of sale shall make reference to the requirement to obtain such approval.
Submission of the application
Upon the submission of the application, the District Administration Office shall process the request as soon as practicable, usually approximately between 1-2 months. The application should be made through the Form Comm 145. The application must be accompanied by the site plan, copy of the title of deed, copy of the building permit, copy of the sale agreement (duly stamped), level plan of the property, documents evidencing the financial position of the applicant, copies of applicants’ passport and those of their spouses, copy of residence permit and work permit and certificates of shareholders, registration, directors and registered office (if the applicant is a company).
The requirement for non-EU citizens to obtain a permit before acquiring immovable property in Cyprus is intended to regulate foreign ownership.
If you require assistance with property permits in Cyprus please don’t hesitate to contact us directly.