Cyprus Chamber of Commerce calls for consultation on foreign property acquisition bill

The Cyprus Chamber of Commerce and Industry (CCCI) has requested thorough consultation before a vote on a new bill regulating property acquisition by non-EU nationals. The bill, introduced by the AKEL party on April 2, seeks to restrict foreigners from purchasing forest and agricultural land. It also proposes limiting foreign buyers to one residential property and closing loopholes regarding multi-property acquisitions through corporate entities. Aristos Damianou, chairman of the House Interior Committee, noted that half of all land sales in Cyprus currently involve third-country nationals, contributing to rising prices in urban centers. While the CCCI acknowledges the need for transparency, it warns that overly restrictive measures could damage investment, economic competitiveness, and the country's international reputation. The business community has expressed concerns that these changes may negatively impact investors from the Middle East and Asia. The Chamber emphasizes that stakeholders must be involved in the legislative process to ensure decisions are balanced and evidence-based. No date has been set for the final parliamentary vote, but the CCCI is urging for immediate stakeholder engagement.