Cyprus to Curb Land Sales to Foreigners

The Ministry of Interior is drafting a bill to restrict the uncontrolled sale of Cypriot land to foreign individuals, including Turkish nationals, through companies. The legislative initiative aims to abolish existing legislation and enact new regulations, as stated by the Minister of Interior, Konstantinos Ioannou, in response to a question from MP Nikos Georgiou.

The problem lies in circumventing the existing legal framework, which allows foreigners to buy land through companies, avoiding the restrictions that apply to individuals. This has led to socio-economic consequences, such as rising property prices and difficulty in accessing housing for locals.

The new legislation seeks to enhance transparency and safeguard the public interest. The issue of land acquisition by Turkish nationals through companies is also being examined, a matter that has concerned the Registrar of Companies and the parliamentary Audit Committee.

It is worth noting that the Unit for Combating Covert Crimes has seized property worth €1.2 million in the free areas belonging to a 51-year-old, who is accused of usurping Greek Cypriot land in the occupied territories.