On its accession to the EU on 1st May 2004, Cyprus revised many of its laws that sited restrictions on property investment by citizens of other EU member states. But to shield its sensitive property market, it established a five-year transitional period with the European Union preventing EU citizens who are not permanent residents of the island from owning secondary residences. That transition period ended on 1st May 2009 and therefore for the purposes
Of the Acquisition of Immovable Property (Immigrants) Act Cap 109 all E.U citizens can freely invest in Cyprus without restriction and regardless of their residential status.
For more information, contact George A Vasiliou LLC Law Office.