Restrictions

Cypriots or persons of Cypriot origin and extraction are allowed to purchase real estate property without any restrictions. Aliens, however, are only given permission to acquire two of the following;

• One Apartment / Maisonnette or
• One House / Villa or
• A building plot or land up to three donums which is 4,014 sq. metres.
Offshore entities may also acquire premises for their business (no limit on the extend) or for the residence of their foreign employees provided the residence is registered on the employees’ names.

After May 2009 property purchase will be restriction free. For the transfer of real estate to an alien’s name the permission of the Council of Ministers is required. This permission is obtainable by all bona fide cases, provided that the property is not intended for commercial exploitation. In certain cases, however, as seen in the direct investment section, the Council of Ministers will grant the approval for acquisition for commercial purposes if the particular project will enrich tourism.