{"id":118806,"date":"2025-09-27T17:58:09","date_gmt":"2025-09-27T14:58:09","guid":{"rendered":"https:\/\/www.lamaisonestates.com\/?p=118806"},"modified":"2025-09-27T17:58:09","modified_gmt":"2025-09-27T14:58:09","slug":"audit-office-exposes-major-loopholes-in-foreign-property-ownership-framework","status":"publish","type":"post","link":"https:\/\/www.lamaisonestates.com\/ru\/audit-office-exposes-major-loopholes-in-foreign-property-ownership-framework\/","title":{"rendered":"Audit Office Exposes Major Loopholes in Foreign Property Ownership Framework"},"content":{"rendered":"<div id=\"chat-history\" class=\"chat-history-scroll-container\">\n<div id=\"3144ccecc4a867d7\" class=\"conversation-container message-actions-hover-boundary ng-star-inserted\">\n<div class=\"response-container ng-tns-c177129711-60 response-container-with-gpi ng-star-inserted response-container-has-multiple-responses\" data-hveid=\"1\">\n<div class=\"presented-response-container ng-tns-c177129711-60\">\n<div class=\"response-container-content ng-tns-c177129711-60 has-thoughts\">\n<div class=\"response-content ng-tns-c177129711-60\">\n<div id=\"model-response-message-contentr_3144ccecc4a867d7\" class=\"markdown markdown-main-panel enable-updated-hr-color\" dir=\"ltr\">\n<p>A new report from the Cyprus Audit Office has revealed serious deficiencies in the framework governing property sales to third-country (non-EU) nationals, citing legal loopholes, weak oversight, and outdated systems. The findings raise strategic concerns for the country and have prompted a call for urgent policy reform.<\/p>\n<h2>The Corporate Loophole and Underestimated Data<\/h2>\n<p>The report highlights a key legal loophole, created by a 2011 amendment, that allows EU-based companies controlled by third-country nationals to bypass property acquisition restrictions that apply to individuals. This means foreign interests can effectively circumvent rules intended to manage property ownership by non-EU citizens.<\/p>\n<p>As a result, the Audit Office warns that the official statistic that 27.35% of property sales in 2024 involved third-country nationals is &#8220;misleading&#8221; and a significant underestimate. The current figure fails to account for the large number of purchases made through these corporate structures.<\/p>\n<h2>Systemic Weaknesses in Oversight<\/h2>\n<p>The investigation uncovered several other critical flaws in the supervisory mechanisms:<\/p>\n<ul>\n<li>A lack of effective checks on the origin of funds used for property purchases.<\/li>\n<li>No objective criteria for assessing the financial status of applicants.<\/li>\n<li>The IT system used to manage the process has been outdated since 1999.<\/li>\n<li>No substantial monitoring of how properties are used after they have been acquired.<\/li>\n<\/ul>\n<h2>Call for a Modernized Policy Framework<\/h2>\n<p>The Audit Office stressed that the current restrictions on foreign property ownership are largely &#8220;superficial&#8221; and easily bypassed. It has called for the creation of a new, modernized legal framework with clear objectives that align with EU law and protect the economic, geopolitical, and strategic interests of Cyprus.<\/p>\n<p>The report notes that most other EU member states have already adopted restrictions on property acquisition by third-country nationals for reasons of public security or strategic interest\u2014restrictions that Cyprus has not yet implemented.<\/p>\n<p><i>Source: Cyprus Property News<\/i><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>A new report from the Cyprus Audit Office has revealed serious deficiencies in the framework governing property sales to third-country (non-EU) nationals, citing legal loopholes, weak oversight, and outdated systems. The findings raise strategic concerns for the country and have prompted a call for urgent policy reform. The Corporate Loophole and Underestimated Data The report [&hellip;]<\/p>","protected":false},"author":9,"featured_media":118807,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[211],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts\/118806"}],"collection":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/comments?post=118806"}],"version-history":[{"count":1,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts\/118806\/revisions"}],"predecessor-version":[{"id":118808,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts\/118806\/revisions\/118808"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/media\/118807"}],"wp:attachment":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/media?parent=118806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/categories?post=118806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/tags?post=118806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}