Cyprus lawmakers tabled three bills designed to tighten controls on the Cyprus real estate market, focusing on restrictions on foreign property ownership in Cyprus and closing loopholes used by companies controlled by foreigners. Two proposals come from AKEL, while a third is co-sponsored by DIKO, DISY and DIPA MPs. All of them aim to curb uncontrolled acquisitions, improve transparency over beneficial ownership, protect sensitive land, and support affordability.

1) Stronger Land Registry gatekeeping.

AKEL seeks to amend the Immovable Property (Transfer and Mortgage) Law so the Land Registry Director must refuse any transfer or contract registration (sale, exchange or assignment) that falls under the alien-ownership restrictions. The goal is to stop indirect acquisitions via nominee companies or assignment contracts and to verify the true beneficial owners behind legal entities.

2) Modernising the Aliens Law.

AKEL’s second bill updates the Aliens Law to:

• Broaden “company controlled by foreigners” to include any organisation whose beneficial owner—under Cyprus AML rules—is a foreigner. This covers Cyprus/EU entities if they are effectively foreign-controlled.

• Set explicit criteria via Regulations, to be tabled and approved by Parliament, for when and how permits are granted.

• Delete ambiguous provisions, notably those enabling acquisition of very large land tracts.

• Streamline small acquisitions: no Council of Ministers permit would be required when a foreign natural person buys one apartment/house up to 200 m², one shop up to 200 m², or one office up to 300 m².

• Parallel relief for legal persons: a foreign-controlled company could obtain one shop up to 200 m² or one office up to 300 m² without Council approval.

• Ban sensitive plots: no acquisition of forest or agricultural land, nor property adjacent to the ceasefire line or near vital infrastructure, citing security and strategic planning concerns.

AKEL frames the package as a way to contain speculative buying, protect affordable housing for low- and middle-income households, and reinforce national security.

A separate proposal by DIKO, DISY and DIPA MPs (signatories include Zacharias Koulias, Panikos Leonidou, Pavlos Mylonas, Chrysanthos Savvidis, Christos Orphanides, Kyriakos Hadjiyiannis, Nikos Sykas, Alekos Tryfonidis and Michalis Giakoumis) revises the Aliens Law to:

• Limit third-country nationals (natural persons) to one dwelling or one apartment, whether to be built or already constructed, on a single plot. Each licence would cover only one act of acquisition and cannot be transferred or extended.

• Tighten corporate control tests: at least 51% of issued share capital, voting rights or control must belong to EU/EEA or Cyprus citizens—or to EU/EEA-incorporated entities with seat/central administration or principal establishment in the EEA (including Cyprus).

• Ban forest and agricultural land acquisitions by foreigners outright, also citing protection of agriculture and the rural fabric.

Lawmakers say the measures respond to rising pressure on housing, gaps in verifying beneficial ownership, and the use of Cypriot entities as intermediaries for large-scale land purchases. The trio of bills would strengthen screening at the point of transfer, bring permit criteria into the open via Regulations, and draw clear lines for third-country nationals and foreign-controlled companies. Final provisions will be determined through parliamentary debate and secondary legislation.