SALE AND PURCHASE OF PROPERTY IN CYPRUS
The law governing the acquisition of immovable property in Cyprus by foreigners is the Cypriot Acquisition of Immovable Property (Foreigners) Law, Cap. 109 of the Laws of Cyprus (hereinafter referred to as “the Law”), as amended from time to time.
In 2003 [Law 54(1)/2003], and by reason of Cyprus’s entry into the European Union on 1/5/2004, the above Law has been amended giving to EU citizens and EU companies more but not absolute rights in acquiring immovable property in Cyprus. Cyprus had the right to maintain for five years from the date of accession, restrictions on the right of E.U citizens and E.U companies to acquire residence for secondary use. Even though there has been no amendment in the said Law since 1/5/2009 by the instructions of the Government there are no restrictions to the E.U. citizens.