Rising foreign property purchases
In recent years, one in two property sales in Cyprus involved non-EU nationals, highlighted the Chairman of the Parliamentary Internal Affairs Committee, Aristos Damianou. The law proposals, to be voted in the House on April 2, limit land purchases by foreigners to 1,100 square metres and housing to 200–300 square metres.
Restrictions on strategic and sensitive areas
The revised law introduces prohibitions on acquiring forest or agricultural land and any property near the ceasefire line or critical infrastructure such as ports, airports, military installations, and key beaches. These measures aim to prevent the issues created by the previous “Golden Passport” programme and unregulated foreign acquisitions.
Comprehensive conditions for foreign buyers
A long list of criteria will govern foreign purchases of land and property, significantly restricting current practices. Damianou emphasised that the proposals enjoy broad parliamentary support and backing from the executive branch, aiming to safeguard national interests and sensitive areas.
Historical context and legislative intent
According to Damianou, these regulations should have been implemented immediately after 1974, as earlier government attempts to restrict foreign acquisitions on size, type, and location of properties did not materialise. The new law seeks to end what he described as “looting” of Cyprus property by third-country nationals while ensuring careful oversight of future foreign investments.
Also read: Apartment demand fuels Cyprus property prices spike
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