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12° Nicosia,
18 June, 2024
 
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Land sales to foreigners restricted in occupied territories

''Reason for the current situation stems from the non-implementation of law,'' says Interior Minister

Newsroom

Dursun Oguz, the interior minister, announced new restrictions on land sales to foreigners in the occupied territories during his visit to Ankara.

Speaking to Kipris TV, Oguz emphasized the need to address loopholes in the existing law, revealing plans to require foreigners to submit applications to the cabinet along with security reports.

He expressed concerns about the current system being circumvented through undisclosed private agreements in the land registry, acknowledging a security gap that needs attention.

Oguz outlined upcoming regulations, including setting time limits for foreign buyers approved by the cabinet to apply for title deeds.

Notably, the 51/49 share capital arrangement for companies will be abolished for foreigners, restricting them from being builders and sellers. Investments related to tourism, education, or health will face specific area limits and increased financial requirements, placing land purchases under the control of the cabinet.

Additionally, Oguz highlighted urban planning initiatives led by Prime Minister Unal Ustel, with a focus on Famagusta. A working committee will address urban plans throughout the island, prioritizing areas with affordable prices.

The minister emphasized separate studies for agricultural regions in the Mesaoria area, aiming to protect agricultural land by distinguishing development and agricultural zones. Collaborating with municipalities, the goal is to complete these studies promptly.

[With information sourced from CNA]

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Cyprus  |  Famagusta  |  Ankara  |  minister

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