A troubling reality is emerging in the free areas of Cyprus: dozens of companies with Turkish interests — shareholders or directors who are Turkish nationals — have registered with the Registrar of Companies and are actively involved in purchasing Greek Cypriot land.
The issue raises serious concerns about national security and the negotiating position of the Republic of Cyprus. MP Marinos Sizopoulos, who submitted a relevant bill, warned that over time a significant number of properties could pass into Turkish hands, strengthening Ankara’s position.
The Office of the Registrar of Companies confirmed the concern and announced that a bill is being promoted that would give the Registrar the authority to reject company registration applications on grounds of public interest. The bill is already with the Legal Service for technical review.
The Department of Lands and Surveys acknowledged distortions in the system of property acquisition by non-Cypriots, especially legal entities. MP Alexandra Attalidou proposed the creation of a “red flag” system for screening involved companies.
Christos Christofides stressed that without measures, the country faces risks to its very existence, noting that hospitals, hotels, and even banks are already being sold.
