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What happens if my Cyprus property is damaged after my citizenship application is finished?

I am nearing the end of my citizenship-by-investment application. I am worried about the real estate portion, though. I know I have to maintain it for life to keep my passport, but what if it is severely damaged or even destroyed? Will I need to repair it or replace it? Are any exceptions made?


Answers
  • CHRISO SAVVA LLC
    March 19, 2019

    Once you purchase a property this becomes your entire responsibility and not the responsibility of the government. It is advisable to insure your property so that you can avoid financial loses in the event of damage to your property.

  • Yiannis Papazacharia LLC
    March 19, 2019

    Please note that in the event of damage or something like that that happens to your property, this does not affect your Cyprus citizenship. In any event, you are obliged to keep your property insured with a reputable insurance company, plus your contents in it, to cover in the event of theft, fire, damage, earthquakes, etc. As a homeowner you are also responsible for the upkeep and maintenance of your property.

  • Vasiliou Law
    March 22, 2019

    According to the current investment scheme in force, you are obliged to keep the property for life and in case of a sale, replace it with another one under the same criteria. Now if your property is destroyed, which is an extreme scenario, the circumstances shall be taken into consideration and reasonable time shall be given for replacement of the property. Please note that the above is not specified in the law and in such an event, the relevant ministry is the only one that can provide you with guidance upon the request of your attorney. In any case, since you have raised this concern, the best advice that we can provide you is to contact your insurance company and make sure that you insure your property.