1. A foreigner Cypriot;
2. A foreigner wife of a citizen of the Republic of Cyprus who is not divorced from her husband by decision of a competent court;
3. A citizen of an EU member state that has the nationality of the EU citizen.
4. A legal entity that has been created according to the legislation of a member state of the EU and has its main offices in a member state of the EU.

Subject to a recent amendment of the above Law a Cyprus Company, regardless of who the shareholder is, does not fall within the above definition and can buy any property in Cyprus. For example a Cyprus Company with a foreigner shareholder can buy any kind and as many immovable properties in Cyprus without the need of the permission of the Council of Ministers.

This amendment was made in 2011 (Acquisition of Immovable Property (Foreigners) (Amending) Law of 2011) where the definition of a foreigner was changed so it will be compatible with articles 45, 49, 56 and 63 of the Treaty for the Operation of the European Union. Specifically article 2 of the Law now states that a legal entity which is registered according to the Law of a member state of the European Economic Community and has its registered office in a member state, is not considered a foreigner under the Law and thus is not subject to the restrictions of the above Law.