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Foreigners Driving Cyprus Property Prices Through The Roof: Bypassing Laws And Raising Concerns

Foreign buyers are sweeping up land across Cyprus, sidestepping local regulations, and pushing property prices to unprecedented levels. Meanwhile, this trend is creating a housing crisis for residents, particularly young couples who are struggling to find affordable homes.

While legislation does exist, including restrictions on foreign ownership, it appears to be easily bypassed. Sources close to the matter suggest that foreigners are increasingly purchasing property via legal entities, such as companies, which allows them to sidestep the scrutiny intended by the law.

The issue has been a topic of public debate for some time, but now it’s taking center stage in a more focused manner, thanks to a new parliamentary push. Today, the parliamentary Interior Committee will discuss a bill introduced by Nikos Georgiou, the DISY MP for Famagusta.

Representatives from the Ministry of Interior, the Department of Land and Surveys, the Ministry of Finance, the Legal Service of the Republic, and the Registrar of Companies and Intellectual Property have all been invited to share their views. They will be tasked with shedding light on the growing issue of foreign buyers bypassing the law by acquiring property through companies and trusts.

Tightening The Legal Framework

Georgiou’s proposed bill aims to modernize Cyprus’ property acquisition laws for foreigners, ensuring more transparency and tightening controls. According to the explanatory memorandum, the aim is to protect public interests by improving the monitoring process, enforcing stricter due diligence, and ensuring professionals like lawyers and accountants adhere to stringent ‘Know Your Client’ (KYC) guidelines.

The proposed law would essentially embed these professionals into the process, ensuring they verify the identity of foreign buyers before any property transactions can go through. This move mimics anti-money laundering practices and aims to close the loopholes that allow foreigners to bypass local controls by using legal entities.

Loopholes For Companies

As citizens and officials raise concerns, the current law (Article 3) already imposes restrictions on foreign individuals purchasing real estate, which requires prior approval from the Council of Ministers. The legislation also sets clear boundaries for the area of land a foreigner can acquire, ensuring it remains within manageable limits for residential or business purposes.

However, as pointed out by Nikos Georgiou in a parliamentary question last summer, there is growing evidence that foreigners are exploiting these laws by buying property through companies. This raises the question: why should restrictions exist for individuals if they can easily circumvent the law through corporate structures?

As legal expert George Koukounis pointed out years ago, any foreigner can establish a Cypriot company to purchase property without facing the same constraints. The problem lies in why natural persons face limitations when they can bypass these through a company.

European Perspective On Foreign Property Ownership

While Cyprus isn’t the only country facing these issues, it does stand out. Across Europe, many countries have taken steps to address similar concerns.

In Finland, a recent report called for stricter legislation to prevent foreigners from acquiring property, especially from countries whose actions threaten national security. In the UK, transparency rules and anti-money laundering measures are in place, ensuring more thorough checks on foreign buyers. Meanwhile, in Greece, foreign purchases are restricted in border regions and require special permits from the Ministry of National Defense.

These measures reflect the growing sense of caution in Europe over foreign ownership of land and property. The increasing concerns in Cyprus may well push for similar reforms, with calls for greater scrutiny of foreign buyers becoming louder by the day.

Elevating Infant Nutrition: Nara Organics Unveils Premium Organic Formula

The Origins Of A Vision

When Esther Hallam welcomed her daughter Nara into the world, she immediately confronted a formidable challenge: identifying a trustworthy, high-quality organic infant formula. In a U.S. market dominated by cost-cutting practices—such as the use of skim milk supplemented with oils to meet nutritional standards—Hallam observed a disconnect between established availability and uncompromised quality. Research linking corn syrup to obesity and palm oil to reduced calcium absorption only reinforced her resolve to seek a safer alternative.

Redefining Industry Standards

Frustrated by the limitations of existing options, Hallam devoted seven years to developing an organic, whole-milk formula with the expertise of leading scientists and pediatric nutritionists. Nara Organics distinguishes itself by offering the highest percentage of milk fat of any formula on the U.S. market and a significantly reduced reliance on plant-based oils. The carefully selected blend of organic sunflower, coconut, and rapeseed oils not only meets nutritional needs but also minimizes potential health risks inherent to additives like palm oil, soy, and corn syrup.

Manufacturing Excellence In Germany

Rather than manufacturing domestically—a decision influenced by previous concerns over Cronobacter contamination in American facilities—Nara Organics leverages the advanced, oxygen-controlled production environment of a German facility, widely regarded as the birthplace of powdered infant formula. Chief Marketing Officer Meika Hollender detailed that their unique manufacturing process, which minimizes oxygen exposure during can sealing, substantially extends shelf life and preserves formula integrity, setting a new standard in infant nutrition.

Strategic Investment And Market Impact

Backed by $32 million from prominent investors including AlleyCorp, BBG Ventures, Corazon Ventures, Gingerbread Capital, and Torch Capital, Nara Organics has also garnered support from high-profile celebrity investors such as Serena Williams, Gina Rodriguez, and Nicky Hilton. This robust investment positions the company at the vanguard of an organic infant formula market projected to grow from $20.7 billion in 2023 to $37 billion by 2032.

Enhancing Consumer Accessibility And Community Commitment

Nara Organics is available for purchase directly via its website, subscription models, and a dedicated mobile app that assists parents in tracking essential aspects of infant care. To underscore its commitment to community well-being, the company is donating over 1,400 cans of formula to the Good+ Foundation, which strives to alleviate multi-generational poverty by providing essential services to under-resourced families.

By merging state-of-the-art production with a commitment to organic, high-quality ingredients, Nara Organics is poised to redefine the benchmarks of infant nutrition in a competitive, evolving market.

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