Is it true that "" non-EU property owners cannot rent out property in Cyprus" ?

[troubled soul]

I read on internet today that non-EU property owners cannot rent out property.
Is it true ?
If yes so how will non eu can buy property in Cyprus for investment.

Thansk

 

[CyprusBusiness]

This is not true.

Citizens of non-EU countries need permission from the Council of Ministers to acquire property in Cyprus. This procedure is a mere formality, since permits are issued without any restrictions. Only two things are checked: whether the buyer has any problems with the law and whether there is already housing issued for them in Cyprus.

Demand for property deals in Cyprus is currently high as yields are licrative and investors obtain ancilliary benefits such as permanent residence/visa.

Please let me know if you need more details. Happy to PM

 

[luap]

You need to apply for permission to buy (they'll give permission for maximum 1-2 properties) and doing short term rentals is impossible when buying as non-EU. The easiest way is to just purchase via a LTD company, you skip those restrictions. No permission needed to buy, and rent as you like.

Source: Same situation.

 

[troubled soul]

luap said:
You need to apply for permission to buy (they'll give permission for maximum 1-2 properties) and doing short term rentals is impossible when buying as non-EU. The easiest way is to just purchase via a LTD company, you skip those restrictions. No permission needed to buy, and rent as you like.

Source: Same situation.
Click to expand...

LTD is in cyprus ???? right?

 

[luap]

My only definite knowledge is of purchasing via a Cyprus LTD, but reading the rules, it seems that any EU LTD should get the same rights (but you should verify this).

 

[troubled soul]

luap said:
My only definite knowledge is of purchasing via a Cyprus LTD, but reading the rules, it seems that any EU LTD should get the same rights (but you should verify this).
Click to expand...

ok thanks....

 

[CyprusLawyer101]

@azb1 What might have gotten you to this conclusion, is that in the case where an immigration resident permit is granted, there is a requirement that an a third country applicant maintains a residential property at his disposal. That particular property should remain and be considered as the primary residence for the purpose of maintaining the permit and may not be rented out. This though does not restrict any third country national from investing in Cyprus ( other than the approval requirement mentioned above in this thread) and subsequently rent the property, or a resident permit holder investing in further properties other than his primary residential property and renting them.

 

[lacomaco]

luap said:
You need to apply for permission to buy (they'll give permission for maximum 1-2 properties) and doing short term rentals is impossible when buying as non-EU. The easiest way is to just purchase via a LTD company, you skip those restrictions. No permission needed to buy, and rent as you like.

Source: Same situation.
Click to expand...

Can you clarify what do you mean by "doing short-term rentals is impossible when buying as non-EU"? Furthermore the cost of spending on a company, with accounting and auditing requurements definitely decreases your yield (except if you inesvt millions)

 

[luap]

lacomaco said:
Can you clarify what do you mean by "doing short-term rentals is impossible when buying as non-EU"? Furthermore the cost of spending on a company, with accounting and auditing requurements definitely decreases your yield (except if you inesvt millions)
Click to expand...

Which part do you want me to clarify? If you're not an EU citizen, you're not legally allowed to do short term rentals (without buying via a company).

 

[RealDude]

luap said:
Which part do you want me to clarify? If you're not an EU citizen, you're not legally allowed to do short term rentals (without buying via a company).
Click to expand...

That could be correct. Some Germans report on Youtube that their e.g. Chinese landlord has terminated their lease for the house at short notice.