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How can use properties purchased in the past for Cyprus' immigration program?

The company I own purchased a property in Cyprus about 18 months ago. How can I use this to apply for the Citizenship by Investment program? What documents would be needed to move forward with the process?

  • Vasiliou Law
    April 10, 2020

    You can apply based on the investment you did before 18 months, as long as you apply within three years from the date of purchase of the assets. The financial and compliance requirements are the same as if you have purchased now the properties.

  • CA Advocates (Pourgoura & Aspri LLC)
    April 10, 2020

    You can utilize the property you have bought 18 months ago if the below conditions exist regarding the property: you have the contract, title deeds or proof of registration of the contract with the Lands and Surveys Department; proof of payment of the agreed purchase price; a copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company from a foreign bank; the town planning permit; a declaration by mortgage lender (bank waiver); a completion certificate or Performance Bank Guarantee. The property has to have a value of purchase of 2 million euros if is residential or if it is commercial it needs to be minimum 2 million euros and additionally 500,000 euros for residential property that needs to be kept for life.

    April 10, 2020

    Your ability to use the property in question will depend on its value and whether it is residential or commercial. If it land you will need to show steps to develop it and that you have architectural plans and building permits for the land. As regards documents you will need to show the title deed, proof of payment of the money and the corporate documents of your company, showing that you are the sole shareholder.