Acquisition Permit
An acquisition permit in Cyprus is a formal authorization required for specific individuals, particularly non-EU citizens, to acquire property. This permit ensures compliance with local laws and regulations and is a crucial step in the property acquisition process for foreigners.
You can get permission by submitting Form Comm. 145 to the District Officer where the property is situated.
The property acquisition permit in Cyprus is officially known as the Council of Ministers Approval.
Relevant legislation
The relevant Cypriot law is The Immovable Property Acquisition (Aliens) Law, Cap. 109.
Why it is important
Acquisition permits in Cyprus are essential for non-EU citizens looking to buy property. The permit process involves verifying the buyer's eligibility and the legality of the transaction. It can affect the timeframe of property purchases for foreigners.
The permit ensures that foreign property ownership adheres to Cypriot regulations.
