Permission to own property from the Cyprus Council of Ministers

STOP PRESS  – As of May 2009 this is not required for EU Citizens

When Cyprus joined the EC there was an announcement that the requirement to obtain a Permission from the Cyprus Council of Ministers would be removed in 2009.

The idea was to protect the Cyprus Property Market and Cyprus Residents from non resident investors.  How the Cyprus Government might now wish that with the falling demand and the credit crunch that this decision had not been taken and that Cyprus Property Inc., had sold all it had when it had the chance.

The Cyprus Informer wonder if this requirement might be relaxed early to stimulate demand and sales?

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