Nicosia, Cyprus. Cyprus is preparing changes to its land acquisition framework after concerns were raised over increased property purchases by third-country nationals. The government said it aims to close legal gaps while avoiding harm to investment activity.
Drafting of revised framework
The Ministry of Interior has begun drafting a revised framework, Interior Minister Constantinos Ioannou told the House interior committee, as authorities seek to modernise legislation governing foreign property ownership.
Key issues under review
Among the issues under review are a clearer definition of the concept of acquisition and limits on property size. Ioannou said an effort would be made to “more clearly define the term for acquiring real estate and the maximum area of real estate that can be acquired”.
He said authorities are also considering “the introduction of a time limit between applications that an applicant can submit” to prevent abuse of the process and its conversion from residential use into business activity.
Restrictions in specific urban zones and areas linked to security or public-interest concerns are also being examined.
Parliamentary bills and proposed controls
Ioannou submitted a proposal to combine three parliamentary bills into a single legislative text to be examined together with the ministry’s own amendments.
The proposals, tabled by Akel secretary-general Stefanos Stefanos and MPs including Zacharias Koulias, Panikos Leonidou, Pavlos Mylonas, Chrysanthos Savvides, Christos Orphanides, Kyriakos Hatzigiannis, Alekos Tryfonidis and Nikos Georgiou, seek stricter controls over transfers where existing restrictions apply.
They also aim to abolish provisions allowing indirect acquisition without Council of Ministers permission, introduce effective control criteria and prevent the use of Cypriot companies as intermediaries for foreign buyers, while protecting agriculture and rural communities and safeguarding the public interest.
Timeline and committee outlook
Ioannou said the objective is to produce a unified amendment that will provide “the best possible shielding of the framework”.
Interior committee chairman Aristos Damianou said there is “readiness to find convergences so the bill can reach the plenary before parliament’s term ends in April, ideally with broad acceptance.”
What changes to the land acquisition framework do you think should be prioritised?