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The effects of the 2008 global financial crisis mainly affected the market directed towards foreign buyers, approximately 70% of which are British. Areas that depend on mainly local buyers were not affected to the same extent. There are no limits on property ownership for EU nationals who are resident in Cyprus. Non-resident EU nationals may own land but are limited to ownership of only one immovable property for which they must have the approval from the Council of Ministers. Those from outside the EU are further limited to the amount of property they can own – a house, apartment, building plot or land no larger than 4,014 sq m – and must also seek approval from the Council of Ministers. There are many estate agents in the country, all of whom require licenses to operate. Licenses are obtained from the Council for the Registration of Estate Agents. Capital gains tax is set at 20% for the sale of immovable property and income earned through rent is taxed at normal income tax rates.