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:

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:

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: