Pittadjis - Approval by the Government to acquire Immovable Property
February 23, 2009
Approval by the Government to acquire Immovable Property
Under current legislation in Cyprus it is necessary for any non-Cypriots who are not E.U. Citizens or permanent residents of Cyprus who intend to purchase in Cyprus, to obtain approval of Acquisition of immovable property from the Council of Ministers. This application can take around 2-3 months to be received and generally in order for the permission of acquisition to be granted, the following documentation is required by the Council of Ministers:
• A duly completed Application form;
• A bank statement/bank reference to
confirm the financial means of the applicant;
• A character reference by a person in authority to confirm the applicant’s good character and/or a certificate from the applicant’s country of origin to confirm that the applicant has no Criminal record; and
• Purchase contract to confirm the details regarding the property which is being purchased.
EU citizens who do not permanently reside in Cyprus will only be given permission to acquire 1 property. The acquisition of a building plot or land is unlimited. The procedure referred to above is based on current legislation and will cease around 2009 whereupon all citizens of the E.U. will be treated equally with Cyprus citizens regardless of their residential status.
FOTOS PITTADJIS