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What kinds of real estate purchases are eligible investments for Cyprus CBI?

Is buying a commercial building, such as a shop or a hotel, eligible for the citizenship-by-investment criteria? Or a previously owned property? Or, rather, must the purchase be a new property by a developer?

  • Andreas Demetriades & Co LLC
    October 11, 2018

    All types of real estate purchases are eligible investments for the Cyprus investment program. My only caveat is that when the investment is made in land, then an investment plan for its development must be included in the application. Furthermore, the investment in land that is situated in a building zone of zero development is excluded. Thus, a commercial building, such as a shop or an office, is also an eligible investment and so are previously owned properties. It is worth noting that if the applicant has invested in a housing unit/units on the basis of the criterion A.1 (investment in real estate, land development and infrastructure projects), the purchase of an additional 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, and provided that the applicant retains the possession of the residence for life.

    October 11, 2018

    With respect to the investment, a potential applicant may purchase any commercial building, including hotels and office buildings. They do not need to be new. He/she must, however, have purchased a home, the minimum value of which must be 500,000 euros. The property does not need to be new either. If, however, this property is new and therefore subject to VAT, the purchaser will not be liable to pay transfer fees.

  • Christodoulos G. Vassiliades & Co. LLC
    October 11, 2018

    There are no restrictions as to the property. It can be from either a primary or secondary market, residential or commercial. The only difference between investing in commercial property is that the investor should invest additionally on a residential property of 500,000 euros, whereas if you invested in residential property, it would be at least 2 million euros, which is the minimum requested investment amount. It is not requested to invest additionally to a residential property of 500,000 euros.

  • Vasiliou Law
    October 11, 2018

    Any kind of real estate is considered eligible investment for Cyprus CBI. The only difference between the two is that when you are purchasing a commercial property such as shops or a hotel, you will also be required to have a residential property worth at least 500,000 euros (excluding the VAT). Therefore, the total investment that will be required will be 2.5 million euros instead of 2 million euros, which is the minimum investment when you are purchasing residential properties.

  • Pelecanos & Pelecanou LLC
    October 11, 2018

    Below you can find the majority of the answers that you are looking for, in relation to the granting of an immigration permit under Provision 6(2) of the Aliens and Immigration Regulations. Important to notice is the fact that there are more requisitions to be considered eligible under this specific section. The applicant should submit, together with the application, title deeds or a sale contract in his/her name and/or his/her spouse, which has been officially filed at the Department of Lands and Surveys of real estate and of total market value of at least 300,000 euros (VAT is not included therein) and official payment receipts of at least 200,000 euros (excluding VAT), irrespective of the delivery date of the real estate. It should be stressed that the full payment of the real estate value shall be settled in an account in a financial institution in Cyprus. The abovementioned amounts must be proven to have been transferred to Cyprus from abroad. It is noted that the real estate purchase may be accepted even when made in the name of a legal person, provided that the applicant and/or his/her spouse are the sole shareholders or the ultimate beneficial owners of it, and that this legal person is legally established in the republic or other member state of the European Union or European Economic Area. For the purpose of implementing this policy, the applicant may purchase up to two housing units (apartments or houses), which can be independent, but be purchased from the same development company, or one housing unit and a shop of a surface of up to 100 square meters, or a housing unit and an office of a surface of up to 250 square meters, provided that the total market value satisfies the aforementioned economic conditions. In the case of a couple, these restrictions apply for the couple and not for each of the persons involved. The said purchase must be in relation to a property (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same development company. As from 7/05/2013, for the purpose of this policy, applications in relation to the re-sale of dwellings will not be accepted. It should be stressed that sale contracts in relation to a re-sale of dwellings that have been officially filed at the Lands and Surveys Department prior to 07/05/2013 (the date of filing the sale contracts is to be confirmed by the Department of Lands and Surveys), shall be accepted for the purpose of implementing this policy. It is noted that the alienation of the purchased property without an immediate replacement with another property, as it is described at the beginning, of the same or/and higher value and in accordance with the conditions of this procedure, (i.e. sold for the first time by a development company), will result to the cancellation of the Immigration Permit pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations.

  • Fidescorp Chartered Accountants
    October 14, 2018

    In order to qualify for the Cyprus investment program, one must purchase real estate (new or pre-owned, commercial or residential, one unit or more) worth at least 2 million euros, plus a residential unit of 500,000 euros. In the case that the 2-million investment consists entirely of residential units, one of which is at least 500,000, there is no need to purchase the additional 500,000, hence the total investment amount is 2 million.

  • Christodoulos G. Vassiliades & Company LLC
    October 23, 2018

    Your question relates to the scheme under A1 for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects. It is noted that investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. It is understood that investment in land that is situated in a building zone of zero development is excluded. Developers have specific properties which are suitable for such purchase. The area plays a role as well and therefore more in-depth advice is needed in case you decide to invest.

  • Omirou & Omirou LLC
    October 22, 2018

    You may invest in real estate and land development either new or resale, residential or commercial. Also, you may invest in infrastructure projects, financial assets of Cypriot companies or organizations, alternative investment funds (AIFs) or financial assets of Cypriot companies/organizations.