Under the conditions of the Cyprus Investment Program (CIP), a valid investment in property is the one made a maximum three years prior to the submission of the application. Please bear in mind that the mere purchase of residential land does not qualify for the CIP. In such a case, you will have to submit the relevant building permits and licenses for the construction and any other related documents requested by the Ministry of Finance.
Can I retroactively use a real estate project toward my Cyprus citizenship application?
A year ago, I bought an empty piece of land in Cyprus and have been working toward building my dream home there. However, I never applied for any kind of residency or citizenship. I’ve been visiting and working on this based on tourist visas alone. When my house is done, can I use it toward my citizenship-by-investment application?
A property purchased within three years before the application for the Cyprus Investment Program (CIP) can be used for the program. However, a land without a project cannot qualify. Once you have the appropriate permits and licenses to construct your house and the amount required by the CIP is used for that purpose, then you can apply.
Please note that you can apply at any time for the Cyprus Investment Program, provided all the criteria are fulfilled from the period up to three years from the day of your investment.
The answer is yes. You will need to fulfill the remaining criteria also, though.