Real estate in Cyprus.
The acquisition of real estate in Cyprus is regulated and established by a set of laws on the acquisition of real estate by foreign citizens, Article 109. In this case, foreigners are considered persons who do not have Cyprus citizenship. This category also includes foreign legal entities, namely foreign enterprises and organizations registered not in Cyprus, international Cypriot holdings in Cyprus or organizations controlled and controlled by foreign citizens (in the event that foreigners own more than 50% of the shares).
The foreigner has the opportunity to obtain permission to purchase an apartment, house or real estate for the needs of the business, which is conducted in Cyprus. For living, he is allowed to purchase a house, an apartment or land for construction, or ready -made apartments in Northern Cyprus with an area of 43,200 square feet, which is 4012 square meters.
Real estate for doing business and production includes investments in tourism and industrial, industrial enterprises. The acquisition of such real estate is given permission only if investments can be considered profitable for the prosperity and development of the economy of Cyprus.
Foreigners to acquire real estate in Cyprus need to get a sanction from the Council of Ministers. Such a permit is issued subject to conditions (the buyer has no problem with solvency and the law of Cyprus).
Legally, the rights of foreign citizens and their investments and the acquisition of real estate in the same number are protected by international agreements approved and signed by the Republic of Cyprus (say, for example, the “World Bank for the resolution of investment disputes between states and citizens of different countries”, approved by law No. 64 of 1966. and a part of national legislation).
If you can confirm the existence of a livelihood, then when buying real estate in Cyprus, you will automatically get the right to arrange a temporary view of accommodation in this state.