LEGAL INFORMATION

Individuals may acquire property in Cyprus either as a holiday home or as a residence to which the following rules and regulations apply.

Residential permit

Residential Permit is easily obtained for persons living in Cyprus, who have purchased property.

Temporary Permit

The granting of this permit requires proof of

• A healthy bank account balance and/or a steady source of income such as pension payments, dividend from investments etc.
• Residence in Cyprus in the form of a rental or purchase agreement.

Temporary residence status in Cyprus can be granted for a period of time which may vary across individuals and can easily be renewed on expiry.

Permanent permit

All of the requirements of a temporary permit apply.

The immigration authorities must be convinced that the interested individual's source income is steady and sufficient to cover the necessary expenses required maintain a reasonable lifestyle in Cyprus.

The above listed requirements that lead to a resident status in Cyprus currently apply to both EU and non EU individuals. However, with Cyprus' induction in the EU, the requirements will gradually be eliminated for all EU residents.

Property Ownership

The following restrictions will be released following Cyprus' accession in the EU and a transitional period of approximately 5 years.

• Non-Cypriot buyers are entitled to a FREEHOLD ownership of a villa, an apartment or a piece of land whose area can not exceed 4014 m2
• Couples can only own one property between them
• No joint ownership of property is allowed either between Cypriots and foreigners or between foreigners
• Due to certain exchange control barriers, funds that go towards the purchase of a property have to originate from foreign bank accounts unless the buyer secures a loan which can be from a domestic or foreign bank
• International entities are allowed to acquire premises for their businesses and/or for the residence of their international workforce.