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Property Purchase as Third Party National or EU Passport Holder?

shotokan101

Getting Residency and Purchasing property in Cyprus as a "TPN" has various requirements with respect to income/bank-deposit etc. with additional constraints affecting property ownership e.g. size of plot.


What's the situation for an EU Passport holder by comparison?


Jim

See also

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SimCityAT

Getting Residency and Purchasing property in Cyprus as a "TPN" has various requirements with respect to income/bank-deposit etc. with additional constraints affecting property ownership e.g. size of plot.
What's the situation for an EU Passport holder by comparison?

Jim - @shotokan101

This is simple, it is much easier to move to any EU country if you are an EU citizen than if you are 3CN because you have the freedom of movement.

Toon

And no restrictions... no asking for permission to buy from Council of Ministers which takes ages as a TCN...


No restrictions on the  number of properties you can buy and own.


Not sure about amount of land though

Graham Waller

@shotokan101

Another option is to open a company and buy the property via the company, then you have no restrictions as tcn, think you limited to a total of 4,000m2 land and one house as a tcn

Graham Waller

No restrictions on tcn opening a company, and cost not that great in comparison to cost of property

Toon

@Graham Waller

Two good calls there sir

shotokan101

@shotokan101
Another option is to open a company and buy the property via the company, then you have no restrictions as tcn, think you limited to a total of 4,000m2 land and one house as a tcn - @Graham Waller

Must admit, I've always just skipped over the "company property" stuff, but might now go back and get at least a basic grasp of it and what's involved - always thought that there was a, fairly substantial, investment sum involved. - so thought that "paper companies" couldn't be used....


Jim

simoningram

@shotokan101

As a Third Country National (TCN) , are you referring to residency by investment or just a normal purchase.

gwynj

@shotokan101


Short answer: a lot easier (i.e. unrestricted).


The alternatives: don't buy land, get yourself an EU passport, or use a Cyprus company (as your property holding co). The latter is pretty straightforward, but Cyprus companies are not cheap to setup/admin.


I believe that, in theory, PRs should not be discriminated against versus citizens in ALL matters except voting rights. However, I don't know if the Cyprus Land Registry Office agrees. :-)

Toon

@gwynj

Company purchases of property are being investigated by Cyprus government due to the increase of it happening and concerns over foreigners buying up land and properties...

shotokan101

@simoningram

Normal residential property purchase


Jim