Buying property

For non-Cypriots, the process of purchasing properties in Cyprus is very simple, especially when compared to other countries. Non-EU citizens are entitled to freehold ownership of properties, while offshore entities may buy premises for their business or as a residence for their foreign employees.

Permission to buy property must be sought from the Council of Ministers by written application, submitted by the non-EU purchaser after the agreement is signed. This permission is granted more or less as a matter of course to all bona fide purchasers. In the meantime, however, purchasers may take possession of their property without restriction. The application to the Council of Ministers to acquire immovable property in Cyprus can be made within a reasonable amount of time after signing the contract of sale. EU citizens who are permanent citizens in Cyprus do not require permission to buy any immovable property.

EU citizens who are not resident in Cyprus also need the approval of the Council of Ministers. EU citizens with permanent or temporary permits can register as many properties as they wish in their name, provided they have signed a confirmation with the government of Cyprus that they will stay in the country for the following five years. Legal entities established in EU countries that have their headquarters and registered office in Cyprus do not require permission to buy any immovable property. Legal entities established in Cyprus and controlled by citizens of the EU require permission to buy immovable property in Cyprus, as well as any other legal entities.