The Ministry of Interior has decided to establish a committee tasked with amending the current legislation to curb the rapid rise in property purchases by foreign nationals from third countries—particularly from Israel.

>>Loopholes Let Foreign Buyers Acquire Cyprus Property Without Limits<<

This was stated by a representative of the ministry during a session of the Parliament’s Audit Committee, noting that the decision was reached following a meeting between the Minister of Interior and the Attorney General.

The Committee’s Chairman, Zacharias Koulias, stressed that Cyprus has become an “open field,” urging that the new legislation be advanced swiftly.

A representative of the Audit Office noted during the same session that a legislative gap currently exists, allowing no oversight of real estate acquisitions by foreigners. These purchases, the representative warned, lead to a loss of control over national assets and have caused a dramatic increase in property prices.

According to available data, last year 27% of property transactions by individuals were carried out by foreign buyers. However, at the corporate level, the figures appear misleading, as many buyers are registered as Cypriot companies that, in reality, have only foreign shareholders.

Source: RIK Radio