AKEL Proposes Restrictions on Property Acquisition by Foreign Nationals

AKEL has submitted two bills to Parliament to restrict the acquisition of real estate by third-country nationals. The party's General Secretary, Stefanos Stefanou, presented the proposals at a press conference in Nicosia.

The proposals include:

• Ending the possibility of acquiring large tracts of land.
• Introducing measurable criteria for acquiring real estate (e.g., one house of 200 sq.m.).
• Obligation to control and disclose the ultimate beneficial owner.
• Prohibition of purchasing real estate near critical infrastructure.
• Prohibition of purchasing forest or agricultural land.
• Abolishing provisions for "golden passports."
• Authority for the Director of the Land Registry to refuse sales that do not meet the criteria.

Mr. Stefanou stated that data shows that almost one in two sales contracts concern third-country nationals, mainly in coastal areas. AKEL has also submitted a proposal to reduce VAT to 5% for social housing.

Aristos Damianou, an AKEL MP, stated that the proposals affect seven laws and regulations and that the discussion in the Internal Affairs Committee will begin after Epiphany.