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Law changes regarding the acquisition of property by Cyprus companies

A law restricting the acquisition of secondary residencies or properties by legal entities or nationals of EU Member States who have no permanent residence in Cyprus has recently been amended. 

The restriction was related to the acquisition of secondary residences by legal entities which are incorporated under the Law of an EU Member State, which have their registered office, central management and control and/or principal office and status in a Member State other than the Republic of Cyprus, and nationals of EU Members States who have no permanent residence in Cyprus.

According to the provisions of the new amendment, legal entities incorporated under the Laws of an EU Member State, or a State Party to the E.E.A. which have a registered office, central management and control and/or principal office and status in an EU Member State or a State Party to the E.E.A. will not be considered as ‘alien’ and therefore will no longer need to apply for a license from the Council of Ministers in order to acquire immovable property in Cyprus.