EU acts on Cyprus holiday home restrictions
EU acts on Cyprus holiday home restrictionsCyprus has been sent a ‘reasoned opinion’ by the European Commission to lift restrictions on holiday home purchases by European Union (EU) citizens.
This is the second step in the EU’s infringement procedures and will give a lift to Europeans hoping to get a second home on the Mediterranean island.
The restrictions were only supposed to be in place for five years after Cyprus’ accession to the EU in 2004. The commission is now acting to put an end to the limitations which violate EU rules on the free movement of capital.
Refusal to lift the restrictions could lead to Cyprus appearing before the European Court of Justice and having to pay fines until the law is changed.
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8 April 2011 Print this article