Cypriot purchasers are allowed to buy any kind of property without any restrictions. Non- Cypriot purchasers can only buy

One apartment, or
One house, or
Piece of land up to three (3) donums (1 donum: 1338m)
The non-Cypriot purchaser must apply in writing and be accepted by the Council of Ministers in order to acquire the title deed for any of the above types of property. Possession of the property is taken by the purchaser according to the terms of the contract of sale.

The application to the Council of Ministers to acquire immovable property in Cyprus must be made within a reasonable time after signing the contract of sale. After the approval the developer or former owner can transfer the separate title deed of the immovable property to the new owner.

The application has to be submitted to the district office of the district where the property is situated. The procedure might take up to three months. Proving that the money came from external fund is very important so you will have to apply also to the Central bank of Cyprus.