Cyprus Property Forum for Buyers, Sellers & Investors

Dear Nigel,
We bought one house on a small development 20 years ago. The developer transferred the land deeds to us in 1/4 undivided shares, then he completed the build of the 4 houses, the road, green area and pavements etc. He then went bankrupt without completing the licensing and handing over full title as per our contract.
He strung us all along with excuses for 10 years until we lost patience.
So for the past 10 years we have all been trying to get our land title updated. We had the boundaries measured, got agreement from our neighbours for adjustments, had our plans redrawn, renewed our planning licenses and have now been waiting 12months for subdivision and our building licenses from the District Office where time stands still.
We still have an awful long way to go.
But time hasn't stood still for us and we want to return to the UK.
We have been fortunate to find a British buyer but their lawyer has said non-EU citizens cannot buy the undivided shares that we hold for the land our house is built on.
Is this correct as I cannot seem to find mention of it in the immovable property law. I believe ( with permission) foreign buyers can buy land up to 4 donums and our whole plot with the 4 houses is below this.

Dear Bailey

Unfortunately, Brexit has scuppered your sale to a Brit! Before Brexit Brits could buy as many properties of whatever size they wished, but since 1st January 2021 they’re only allowed to buy one of the following:

• An apartment.

• A house.

• A villa on a building site or a plot of land not exceeding 4,014 sqm.

• A piece of land not exceeding 4,014 sqm provided that a residence will be built for owner occupation within three years.

• A second home may be allowed depending on the type and use of it (i.e. a holiday home in addition to a permanent home.)

• Leases of more than 33 years duration have the same restrictions imposed as freehold properties.

• Offshore companies may also acquire premises for their business or as residences for their foreign employees.

• Permission to acquire land outside development areas for other types of properties (e.g. offices, leisure, industrial, etc.) is granted under certain conditions such as the percentage of foreign participation in the scheme, the actual amount of foreign investment and other government policies.

Regards,

Thanks Nigel,
I did read this, but what I don't understand is how our situation doesn't meet these criteria?

The total plot of land with the 4 houses on it is less than 4014 sq m. It's 3800 sq m including the road and green area, pavements etc.
Our undivided share with one house built on it is 750 sq m.

Am i missing something?

Your lawyer is correct, non-EU cannot register a title if it is a share and will only be able to register when they have the full title.

Yes, the law allows for up to 3 donuts for the purpose of building a single dwelling for you and your family, but unfortunate;y you cannot get Council of Minister permission for undivided shares.

The can buy it under a assignment contract pending when the title deeds become available, but this carries risks for the buyer.

Thanks for the explanation.
So the issue is that a non-Eu buyer would not get permission to buy from the local Council.
The property law that I managed to find didn’t make this clear.

Hi Bailey

It's not the local council that gives permission, it's the 'Council of Ministers' (the cabinet) who has devolved the power to the District Officer.

Regards