Common use of Cyprus Clause in Contracts

Cyprus. Cyprus may maintain for five years from the date of its accession to the EU, its legislation as in force on 31 December 2000 regarding the acquisition of residences for secondary use. According to the Acquisition of Real Estate (Aliens) Cap 109 and the Amending Laws 52/69, 55/72 and 50/90, the acquisition of real estate in Cyprus by non-Cypriots is subject to the approval by the Council of Ministers. The Council of Ministers has authorised the District Officers to grant approval on its behalf. When the real estate concerned exceeds 2 donums (1 donum = 1 338 m2), approval may be granted only for the following purposes: (a) primary or secondary residence not exceeding an area of 3 donums, (b) professional or commercial premises, (c) industry in sectors deemed beneficial for the Cypriot economy. The above law has been amended by the ‘Acquisition of Real Estate (Aliens) (Amendment) Law of 2003, No 54(I)/2003’. The new Law imposes no restrictions on EU nationals and EU registered companies for the acquisition of real estate linked to primary residence and foreign direct investment or the acquisition of real estate by EU real estate agents and land developers. Regarding the acquisition of residence for secondary use, the Law provides that for a period of five years, following Cyprus's accession to EU, EU nationals not permanently residing in Cyprus and EU registered companies not having their registered office, central administration or principal place of business in Cyprus, may not acquire real estate for the purpose of using it as secondary residence, without prior authorisation by the Council of Ministers, which has delegated its authority to the District Officers, as mentioned above.

Cyprus. Cyprus may maintain for five years from the date of its accession to the EU, its legislation as in force on 31 December 2000 regarding the acquisition of residences for secondary use. According according to the Acquisition acquisition of Real Estate (Aliensaliens) Cap 109 and the Amending amending Laws 52/69, 55/72 and 50/90, the acquisition of real estate in Cyprus by non-Cypriots is subject to the approval by the Council of Ministers. The Council of Ministers has authorised the District Officers to grant approval on its behalf. When the real estate concerned exceeds 2 donums (1 donum = 1 338 m2), approval may be granted only for the following purposes: (a) primary or secondary residence not exceeding an area of 3 donums, (b) professional or commercial premises, (c) industry in sectors deemed beneficial for the Cypriot economy. The above law has been amended by the ‘Acquisition acquisition of Real Estate (Aliensaliens) (Amendmentamendment) Law of 2003, No 54(I)/2003’. The new Law imposes no restrictions on EU nationals and EU registered companies for the acquisition of real estate linked to primary residence and foreign direct investment or the acquisition of real estate by EU real estate agents and land developers. Regarding the acquisition of residence for secondary use, the Law provides that for a period of five years, following Cyprus's accession to EU, EU nationals not permanently residing in Cyprus and EU registered companies not having their registered office, central administration or principal place of business in Cyprus, may not acquire real estate for the purpose of using it as secondary residence, without prior authorisation by the Council of Ministers, which has delegated its authority to the District Officers, as mentioned above.

Cyprus. Cyprus may maintain for five years from the date of its accession to the EU, its legislation as in force on 31 December 2000 regarding the acquisition of residences for secondary use. According to the Acquisition of Real Estate (Aliens) Cap 109 and the Amending Laws 52/69, 55/72 and 50/90, the acquisition of real estate in Cyprus by non-Cypriots is subject to the approval by the Council of Ministers. The Council of Ministers has authorised authorized the District Officers to grant grand approval on its behalf. When the real estate concerned exceeds 2 donums (1 donum = 1 338 1338 m2), approval may be granted only for the following purposes: (a) primary or secondary residence not exceeding an area of 3 donums, (b) professional or commercial premises, (c) industry in sectors deemed beneficial for the Cypriot economy. The above law has been amended by the ‘“Acquisition of Real Estate (Aliens) (Amendment) Law of 2003, No N. 54(I)/2003’”, which will be in force by the 1st of May 2004. The new Law imposes no restrictions on EU nationals and EU registered companies for the acquisition of real estate linked to primary residence and foreign direct investment or the acquisition of real estate by EU real estate agents and land developers. Regarding the acquisition of residence for secondary use, the Law provides that for a period of five years, following Cyprus's ’s accession to EU, EU nationals not permanently residing in Cyprus and EU registered companies not having their registered office, central administration or principal place of business in Cyprus, may cannot acquire real estate for the purpose of using it as secondary residence, without prior authorisation authorization by the Council of Ministers, which has delegated its authority to the District Officers, as mentioned above.

Cyprus. Cyprus may maintain for five years from the date of its accession to the EU, its legislation as in force on 31 December 2000 regarding the acquisition of residences for secondary use. According to the Acquisition of Real Estate (Aliens) Cap 109 and the Amending Laws 52/69, 55/72 and 50/90, the acquisition of real estate in Cyprus by non-Cypriots is subject to the approval by the Council of Ministers. The Council of Ministers has authorised the District Officers to grant approval on its behalf. When the real estate concerned exceeds 2 donums (1 donum = 1 338 m2), approval may be granted only for the following purposes: (a) primary or secondary residence not exceeding an area of 3 donums, , (b) professional or commercial premises, , (c) industry in sectors deemed beneficial for the Cypriot economy. The above law has been amended by the ‘Acquisition of Real Estate (Aliens) (Amendment) Law of 2003, No 54(I)/2003’. The new Law imposes no restrictions on EU nationals and EU registered companies for the acquisition of real estate linked to primary residence and foreign direct investment or the acquisition of real estate by EU real estate agents and land developers. Regarding the acquisition of residence for secondary use, the Law provides that for a period of five years, following Cyprus's accession to EU, EU nationals not permanently residing in Cyprus and EU registered companies not having their registered office, central administration or principal place of business in Cyprus, may not acquire real estate for the purpose of using it as secondary residence, without prior authorisation by the Council of Ministers, which has delegated its authority to the District Officers, as mentioned above.