You may use second-hand properties as part of your real investment in the Cyprus Investment Program.
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Is the Cypriot CIP real estate investment limited to new properties?
Can I use resale properties for my citizenship application in Cyprus? Are there any special requirements on this type of investment?
Answers
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Resale properties can be used for your property criteria for your citizenship application through the Cyprus Investment Programme. If the property has been used in a previous citizenship application the price of the asset needs to be at least 2.5 million euros.
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Regarding the Cyprus Investment Program (CIP), the investor may invest in new as well as resale immovable properties, with no limitation. Moreover, there is no limitation with regards to the location of the property, so long as the property is located within the boundaries of the Cyprus Republic.
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Cypriot CIP real estate investment is not limited to new properties. In the event of residential property acquired had already been used for the purposes of the Cyprus Investment Program, the requirement for a permanent privately-owned residence property in Cyprus of a market value of at least 500,000 euros plus VAT applies over and above the 2 million euros real estate investment, bring the total to 2.5 million euros.
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Resale properties can also be used. There is a limitation imposing that you are required to purchase a housing unit within your total investment.
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The real estate investment can be covered by resale properties. The required documents include the contract of sale, title deeds or proof of registration of the contract with the Lands and Survey 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, a declaration by the mortgage lender in the benefit of whom the purchased property or properties is mortgaged that will waive the mortgage, provided that the investor or the seller will pay the lender the amount con-scribed in the declaration (bank waiver).
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Your investment in real estate for your participation in CIP can be in any type of property either new or resale. The minimum investment requirement is the same irrespective if the property is new or resale.
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