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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.

Forbes Middle East Unveils 100 Most Powerful Businesswomen Of 2025

Forbes Middle East has unveiled its much-anticipated 2025 ranking of the region’s top businesswomen, spotlighting influential leaders reshaping industries and driving meaningful transformation. The list was based on business size, individual accomplishments, leadership impact, and corporate social responsibility initiatives.

Top Spot For Hana Al Rostamani

For the third consecutive year, Hana Al Rostamani, Group CEO of First Abu Dhabi Bank (UAE’s largest bank by assets), claims the top position. In addition to retaining her position in the Forbes Middle East ranking, she was also featured on Forbes’ 2024 list of the World’s Most Powerful Women, securing the 60th position globally. Under her leadership, the bank achieved an impressive $3.5 billion in net profits and $334.8 billion in assets in the first nine months of 2024.

Rising Stars In The Top 10

Shaikha Khaled Al Bahar of NBK Group and Shaista Asif, cofounder and Group CEO of PureHealth Holding, take the second and third spots respectively, completing the top three.

The top 10 remains largely unchanged from last year, with Tayba Al Hashemi of ADNOC Offshore, Alisha Moopen of Aster DM Healthcare GCC, and Suzanne Al Anani of Dubai Aviation Engineering Projects (DAEP) making their debut in the top 10. In total, 27 new leaders have joined the list this year.

A Diverse And Powerful Group Of Women

This year’s list features 100 women from 32 sectors and 29 nationalities, underlining the diversity of talent driving the region’s progress. The banking and financial services sector leads with 25 entries, followed by healthcare and technology with nine each, and venture capital with five. Remarkably, 40% of the top 10 women are from the banking and financial services sector. Notably, Shaista Asif (PureHealth Holding) and Alisha Moopen (Aster DM Healthcare GCC) are the only non-Arab women in the top 10.

UAE Leads With 46 Leaders

The UAE continues to dominate, with 46 of the women on the list hailing from the country, solidifying its status as a global business hub. Egypt follows with 18 influential women, and Saudi Arabia claims nine entries. Egyptians lead in representation, followed by Emiratis and Lebanese women.

Empowering Women Through Initiatives

Several of the leaders have focused on upskilling and creating opportunities for women. Susana Rodriguez Puerta launched the ‘sAIdaty’ initiative in collaboration with the Dubai Business Women Council, aimed at providing 500 female council members in the UAE with AI skills. Similarly, Lamia Tazi of SOTHEMA collaborated with the Foundation for Research, Development, and Innovation in Science and Engineering to provide scholarships to PhD students from low-income backgrounds.

Click here for the full list.

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