How much property am I allowed to own in Cyprus?
As of May 2009 this is not required for EU Citizens
How much property am I allowed to own in Cyprus?
In a personal Capacity 1.
“If you are a European Citizen and your domicile is in Europe and you wish to purchase a second house (in Cyprus), you will need to apply to the Council of Ministers.”
In a personal Capacity 2.
“If you are a European Citizen and your domicile is in Europe and you wish to purchase a piece of land or a Shop or any other property (but not an apartment or a house) then you will not be required to apply to the Council of Ministers.”
In a personal Capacity 3.
”EU citizens that are permanent citizens in Cyprus do not require permission to buy any immovable property, others are allowed to buy without permission only plots of land.”
In a Corporate Capacity 1.
A Company in Cyprus that deals with the development of land ie., a Property Developer Company. I take this to be a developer trading business which builds houses not a vehicle to own a house in a corporate structure rather than in a personal capacity.
“A European Citizen that wishes to register a Company in Cyprus that deals with the development of land can set up such a Company and purchase property of any kind and/or any quantity with no restriction. In such a case the registered office of the company has to be in Cyprus and the Director and Secretary (i.e. the management) of the Company must have their domicile in Cyprus.”
In a Corporate Capacity 2.
“Legal entities established in EU countries that have their headquarters and registered office in Cyprus, do not require permission to buy any immovable property.”
In a Corporate Capacity 3.
“Legal entities established in Cyprus and controlled by citizens of the EU require permission to buy immovable property in Cyprus as well as any other legal entities.”
Note about Corporate Capacity 2 and 3
“Legal entities established in EU countries irrespective of who is controlling them, are in a privileged position regarding property ownership, in contrast with those established in Cyprus and controlled by citizens of the EU.”
Conclusions
If you are an EU National and not a permanent resident in Cyprus and wished to purchase a second or more houses then you would not get Permission from the Council of Ministers unless you can use one of these exemptions;
“In a Corporate Capacity 1? would require you to form a Cyprus registered company with two permanent residents of Cyprus provided that it was a bona fide property development trading company.
“In a Corporate Capacity 2? would require you to form, say a UK Company where it has a registered office in Cyprus. This is not possible because UK Law says that a UK Company has to have a registered address in the UK.
On the face of things neither corporate capacity structure is capable of being undertaken on the basis of the sources of information we have.
But I have legal advice that says in respect of a UK Company.
“If you have offices in Cyprus, employ staff here and if the majority of the
board of directors of the company (you can appoint nominee directors) are people that are permanently resident in Cyprus I do not think you will have a problem.”
That suggests that “In a Corporate Capacity 2? might work in a limited number of circumstances.
Cyprus Property Help & Advice Centre™ ® ©The Black Art of Buying Property in Cyprus™ ®
The Cyprus Informer™ ® ©
http://cyprusinformer.eu
