Cyprus Considers Stricter Controls on Land Purchases by Non-EU Foreigners to Enhance Transparency and Security
Cyprus government officials and MPs are discussing new regulations to restrict property and land acquisitions by non-EU nationals amid concerns over national security and rising real estate prices. Interior Minister Constantinos Ioannou highlighted that foreign nationals currently account for about half of all property transactions and said the government intends to adopt proposals to more effectively regulate these purchases.
The proposed legislation includes prohibitions on buying land within designated development boundaries such as agricultural areas, near the ceasefire line, critical infrastructures, and restrictions on the size of land plots and residences. Lawmakers emphasized the need for clear, quantifiable criteria, especially concerning large-scale purchases by foreign private interests. Discussions are ongoing, with a focus on individual purchases now and corporate acquisitions to be addressed in October.
A recent auditor-general report revealed that non-EU nationals—including Lebanese, Israelis, Russians, and Chinese—constitute more than a quarter of property sales in 2024, a figure considered an underestimation due to classifications of companies with foreign beneficiaries. MPs stressed balancing necessary regulations with investment interests to protect Cyprus’s social fabric and national security.
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