09 June 2021

Is BREXIT affecting real-estate acquisitions by British nationals?


As of the 1 January 2021, UK citizens became “Non-EU” nationals as the transition period of Brexit came to an end.

British nationals that wish to acquire a property in Cyprus now have to apply in writing to the Council of Ministers for permission to do so and they can acquire only up to two properties under their names. However, if they wish to acquire more, this can be done via setting up a Cyprus Company.

It should be noted that although the British nationals will be able to enter into sale agreements and deposit their sales contract at the Land Registry offices in Cyprus, they will be unable to get the property’s Title Deed until Council of Ministers permission is granted. In addition, even though permission is granted in most of the cases, British nationals who wish to acquire a property in Cyprus, will need a clause in their Agreements, stipulating what will happen in the unlikely event that Council of Ministers permission is refused.

Since the 1st January 2021, British nationals who do not hold residency documents issued prior to 31st December 2020, will still be able to visit Cyprus but their passports will be stamped during entry/exit border checks with a 90-day limitation period; which is the period of time that they can legally remain in Cyprus. This means that British nationals can legally enter and stay in Cyprus with a 90-day maximum limit in any 180 day period.

Purchase of property in Cyprus does not give the entitlement to a “non-EU” national to automatically reside in Cyprus, hence British nationals that also wish to reside to Cyprus will have to apply for a relevant permit in order to do so.

For further information and assistance, feel free to get in touch with George Economides, partner in the firm.

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