als, signed by AKEL Secretary-General Stefanos Stefanou, would amend the Acquisition of Immovable Property (Aliens) Law and the Transfer and Mortgage of Immovable Property Law.
Among other provisions, they propose:
- Expanding the definition of a “company controlled by aliens” to include any organisation whose beneficial owner is a foreign national.
- Setting out the terms, restrictions, conditions and criteria governing property acquisitions by foreigners through regulations issued under the law and submitted to the House of Representatives for approval.
- Repealing provisions in existing legislation that contain loopholes and ambiguities, including those concerning the acquisition of large areas of land by foreigners.
- Introducing a provision under which Council of Ministers approval would not be required when a foreign individual acquires one apartment or house of up to 200 sq m, one shop of up to 200 sq m, or one office of up to 300 sq m.
- Prohibiting foreigners from acquiring forest or agricultural land, as well as property adjacent to the ceasefire line or areas and infrastructure considered critical.
According to AKEL, the aim is to abolish provisions allowing foreigners to acquire property indirectly without Council of Ministers approval and to introduce mechanisms for more effective oversight.
Cross-party proposal sets ownership limits
A third proposal was submitted by Zacharias Koulias, Panikos Leonidou, Pavlos Mylonas, Chrysanthos Savvidis and Christos Orphanides of DIKO, Kyriakos Hadjiyiannis of DISY and Alekos Tryfonidis of DIPA.
It would amend the Acquisition of Immovable Property (Aliens) Law to revise and modernise a number of its provisions.
Among the changes proposed are:
- Clear restrictions on property acquisition by individuals who are third-country nationals, allowing them to acquire only one house or apartment, either completed or under construction, on a single plot.
- Restrictions on acquisitions by legal entities, requiring at least 51% of issued share capital, voting rights or control to belong to citizens of Cyprus, another EU member state or a state party to the European Economic Area, or to a legal entity incorporated under the laws of Cyprus or another EU member state with its registered office, central administration or principal place of business in an EEA state, including Cyprus.
- A ban on the acquisition of forest or agricultural land by foreigners.
According to the MPs who submitted the proposal, the changes are intended both to prevent the establishment of Cypriot companies and other organisations that essentially act as intermediaries for foreign property acquisitions and to protect agriculture and rural communities.
DISY proposal focuses on due diligence
A fourth proposal, submitted by DISY MP Nikos Georgiou, seeks to modernise the provisions governing the procedure through which foreigners acquire immovable property.
It proposes that an application to acquire property in the Republic may be submitted either by the applicant directly or by a lawyer, accountant or licensed estate agent acting on their behalf.
These professions are supervisory authorities under legislation on the prevention and suppression of money laundering.
The proposal would also specify the documents that must be submitted to the Council of Ministers when seeking permission for such an acquisition.
According to Georgiou and the explanatory memorandum accompanying the proposal, the amendments are necessary to protect the public interest by strengthening transparency, improving the effectiveness of scrutiny and ensuring that due diligence rules are applied promptly by professionals acting on behalf of applicants.
The renewed debate comes as foreign property buyers account for more than two in every five sale contracts recorded in Cyprus during the first seven months of 2026.
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