“The Immovable Property Acquisition (Aliens) (Amending) Law of 2011” was approved by the Parliament on 1 December 2011. It amended the basic law, in order to abolish any restriction with regard to the acquisition of immovable property for secondary use by:
- any citizen of an EU member state or citizen of a state- party to the Agreement on the European Economic Area (EEA)
- any legal person formed in accordance with the law of a member state and having its registered office, central administration or principal place of business within a member state or a state-party to the EEA.
It is reminded that Cyprus had been granted a five-year transitional period by the European Union regarding the acquisition of residences for secondary use, thus preventing EU citizens who are not permanent residents of the island from owning secondary residences. The aforementioned transitional period has expired and, as a consequence, all restrictions had to be abolished, in order to fully apply Articles 45, 49, 56 and 63 of the Treaty on the Functioning of the European Union (TFEU).