CYPRUS LEGAL SYSTEM - AN OVERVIEW
The legal system is based on the same principles as those applicable in the United Kingdom and all statutes regulating business matters and procedures are based essentially on English law, which makes property purchase and other legal transactions understandable to most expatriates. The Continental system of administrative law, according to which the legality of administrative decisions can be judicially controlled, has been introduced and applied by virtue of the constitution.
AMENDMENT TO LEGISLATION
Cyprus became a full member of the EU on 1st May 2004 resulting in many changes for EU Nationals planning to purchase property in Cyprus:-
1. An EU National resident in Cyprus is allowed to buy as much property in Cyprus without restriction and does not need to obtain approval from any authority.
2. EU Nationals who are not resident in Cyprus are permitted to buy as much land as they wish, but are restricted to purchase one house or one apartment for which approval from the Council of Ministers is required.
3. In order to comply with the idea of free movements of people and goods, certain restrictions have been lifted. Citizens of the EU may enter Cyprus without restriction even with only their National identity card, provided there is a photograph.
4. Exchange control restrictions are no longer in force and it is no longer necessary to prove that property was purchased from external funds.
5. Cyprus Investment Policy is liberal and allows 100% foreign participation in all sectors of the economy, not only for EU Nationals, but also for investors from third countries, unless otherwise stated in the legislation; e.g. The acquisition and development of land.
Source: http://www.bestcyprusproperties.com
