Foreigners can own a house in Cyprus and have a right to free land, although the land ownership of 3 acres has a maximum restriction (4,014 sq m). The government needs permission to register a property but can be obtained via a lawyer. However, there were intentions to 'de-restrict the housing/property sector' since the entrance of Cyprus to the EU. The plans aim to enable unencumbered purchases of property. In this article, we have given detailed information on real estate ownership in Cyprus.
Real Estate Regulations for Foreigners
A non-Cypriot buyer must then submit a request to the Minister's Council for a real estate acquisition (mostly formality) which includes banking referrals, legal reports, land size, and the declaration that this is Cyprus' only house. While the process can take up to a year, there is no limit to the use of the property, and the buyer can reserve 17 years for marketing the property in the unlikely case that approval is not given. The lack of consent does not impact the rights of inheritance.
Legal Process of Buying A Property
Fortunately, there is no lack of great possibilities on the European side of southern Cyprus. It is pretty straightforward to buy real estate in Cyprus. The employment of a qualified, independent attorney who has no link to the seller or developer of the property to be purchased is strongly suggested. The lawyer shall check that this property is not subject to any loan or claim, that it is the seller, confirm that appropriate planning authorizations and construction licenses are in place, and examine on your behalf the Sales Convention to ensure that the buyer has absolutely no underlying problems and that this is legally binding.