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Can I buy a property from a previous immigrant investor to fulfill the requirements of Cyprus’ CBI program?

My friend has some real estate in Cyprus that he purchased several years ago for his CBI application. Now he has fulfilled the requirements of the program and is thinking about selling it. Can I buy the property from him and apply for this program?


Answers
  • Aqualis Services Limited
    July 02, 2019

    Yes, you can buy the property from him, given that he owned the property for at least three years (based on previous criteria until May 15, 2019). Also, the investment will need to amount to 2.5 million euros, instead of 2 million.

  • G. Frantzis Group
    June 12, 2019

    The answer is yes, you can purchase the real estate that was used previously for CBI program and apply for citizenship. But the total property value needs to be a minimum 2.5 million euros instead of 2.0 million in case it is a new property based on latest program criteria. If the specific property is valued less than 2.5 million euros you will need to purchase additional property to fill the gap in value and reach the minimum criteria. Also have in mind that your friend, the initial investor, needs to keep a property with minimum value of 500,000 euros as his residency in order to maintain his Cyprus citizenship under the CBI program.

  • Phoebus Christos Clerides & Associates LLC
    June 12, 2019

    The quick and direct answer to this question is yes. If your friend has been holding the property bought for his CBI application for at least three years, then yes, the property can be used for your application. The property needs to cost a minimum 500,000, depending on the option you prefer for your CBI. It will be calculated in the total of your investment.

  • Phoebus Christos Clerides & Associates LLC
    June 12, 2019

    Recent changes to the law have changed the three-year minimum to five years. If you want a shorter period you apply for it from the ministers.

  • Stavros Christou & Partners LLC
    June 12, 2019

    You can certainly acquire such a property, provided the previous investor has retained the property for three years.

  • AME Second Citizenship Ltd
    June 12, 2019

    Yes, provided that the previous investor has been in possession of the property for more than three years, which was the requirement before May 15, 2019. For any investments made after May 15, 2019, the property must be held for five years.

  • CA Advocates (Pourgoura & Aspri LLC)
    June 12, 2019

    Yes, you can buy a resale property that was already used for obtaining Cyprus citizenship by another investor. However, the total value of that investment, including a privately owned residence, needs to be 2.5 million euros.

  • P. Angelides & CO LLC
    June 12, 2019

    Yes, it is possible to do, but you must also fulfil the new requirements for donations.

  • Vasiliou Law
    June 12, 2019

    It is noted that if the applicant has invested in housing unit/units on the basis of the criterion A.2 (investment in real estate, land development and infrastructure projects), the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least 500,000 euros, plus VAT, provided that the applicant retains the possession of the residence for life. However, if the applicant has invested in housing units that have already being used for the purpose of acquiring Cypriot citizenship via the program, the above provision will be in force provided that the total amount of the investments, including the privately owned residence, is at least 2.5 million. In conclusion, you are able to buy your friend's properties, plus an additional investment of 500,000. All in total should be 2.5 million euros.

  • CHRISO SAVVA LLC
    June 12, 2019

    You may purchase the property from your friend but your investment in real estate in such a case will need to be 2.5 million instead of 2 million.