Purchase of Cypriot land by foreign interests: Time for rules and restrictions

Statement by Aristos Damianou, AKEL Member of Parliament and member of the Political Bureau of AKEL

 

Today, in the Parliamentary Internal Affairs Committee, we resumed the debate on a very serious issue, one that concerns not only Cyprus’s national security and the economy, but also the very future of this country. This is the issue of the acquisition of real estate property  – Cypriot land – by foreign interests.

As is well known, for a very long time now, we in AKEL have been taking the initiative to regulate and set criteria, as well as prohibitions, regarding the acquisition of property.

There have also been initiatives – which we welcomed – from other political forces and colleagues, and last April we arrived at a set of consolidated texts. Due to the elections, that effort was put on hold, and we have now resumed it – with great vigour, I must say – in an effort to enact legislation by the end of the year.

That there is a problem in Cyprus is given. A problem that stems from the realities of our homeland. A semi-occupied state, part of whose territory is occupied by Turkey, part of whose territory is occupied – under the well-known terms of the 1960 agreements – by British bases and, moreover, through contracts, deeds of sale and assignments, many of which have never even see the light of day, purchases are being made by foreign interests, by individuals, but mainly by companies, from third countries or brokered through the European Union.

That is precisely why we want to regulate these matters. In the past, there have also been statements from the government that a bill proposal would be introduced. As things progressed, we ended up collaborating on our own bill proposals and found common ground of convergences with the executive power. However, there are outstanding issues that also need to be clarified.

It is AKEL’s position – and it is categorical – that if the issues concerning natural persons, companies and funds, and all those who are purchasing property in Cyprus under a veil of secrecy, are not also regulated, then regulating only individuals is insufficient.

That is why we have given the government the opportunity to return with its own proposals. Our proposals are on the table; they have been submitted. We will continue the clause-by-clause debate in fifteen days’ time and, if and provided that the government returns with a government bill, it will follow its own course.

For that reason, it is AKEL’s intention, with a sense of urgency, to press ahead, because on these issues there is no longer any scope for any further delay.