Cyprus parliamentary committee prepares amendments to foreign land ownership laws

On Thursday, the Interior Committee of the Cypriot Parliament reached an agreement on core changes to the Law on the Acquisition of Immovable Property by Foreigners. Committee Chair Aristos Damianou, an AKEL MP, announced that the revised text will be distributed to members by Monday at the latest. The committee intends to submit the amendments for a vote in the plenary session before the parliament dissolves ahead of the upcoming legislative elections. While an initial target date was set for April 2, the timeline remains subject to the parliament's busy schedule. EDEK MP Marinos Sizopoulos emphasized that the legislation requires careful management to balance economic benefits with security concerns. Specifically, Sizopoulos expressed caution regarding the transfer of large land areas to citizens of third countries. He also raised concerns about the presence of legally registered companies with Turkish interests in the Republic of Cyprus, noting the potential for these entities to acquire property. The final legislation aims to address these complex matters before the current parliamentary term concludes.