Immovable property acquisition and long -term rental (foreigners) (change) law was brought to the knowledge of the public – Cyprus Newspaper

The immovable property acquisition and long -term rental (foreigners) (change) law was published in the Official Gazette and brought to the public information.

The justification of the amendment of the law, “39/2024 No immovable property acquisition and long -term rental (foreigners) (change) law within the laws of foreign real or legal persons to pay all the tax fees to be paid, to prevent the loss of income caused by the state, to provide the payment of taxes and fees to contribute to the economy.

In the amendment of the law, tourism, education, health, industry, agriculture, technology or R & D areas of at least 10 million euros investment requirement is sought, housing and selling (YAP-SAT) investment will not be counted.
Foreign real or legal persons can be purchased from the Council of Ministers, provided that a purchase permission is obtained, the following immovable property:

“In case of land to be purchased, in accordance with the building permit: the surface of the land to be purchased cannot be more than a thousand 338 square meters. Only one housing can be made within this area. In case the immovable property to be purchased is the apartment: but the Turkish Republic of Northern Cyprus and the Turkish Republic of Northern Cyprus. In case of a detached house to be purchased, the land of the purchased house cannot be made as a 2nd house and/or the same as the same rules; Real or legal persons who are in the nationality of the states that give their citizens can take 3 2 -storey detached villas. ”