INVESTMENT IN REAL ESTATE, LAND DEVELOPMENT:
The applicant must have made an investment of at least € 2.65 million for the purchase of land development projects (residential or commercial developments).
TERMS AND CONDITIONS
1. Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
2. Residence in the Republic of Cyprus: In all cases, the applicant must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.
It is noted that members of the same family, which apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of € 500.000 per each applicant.
SUBMISSION OF DOCUMENTS
In order to examine any applications the submission of the form (M127) and of the following is required:
1.Clean Criminal Record:
Certificate of Clean Criminal Record from the country of origin and the country of residence (if it differs).
2.Residence in the Republic of Cyprus:
(a) Contract of Sale.
(b) Title Deeds/ Receipt for lodging the contract with the Lands and Surveys Department
(c) Receipts for paying the agreed purchase price
(d) Copy of the wire transfer in the Cypriot commercial banking institution in the name of the seller or the seller’s company.
As for the investment Criteria the following are required, depending on the case:
(a) Certificate of Registration of the company/ companies by the Registrar of Companies
(b) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies
(c) Audited Accounts of the company (or companies) for the last three years preceding the year of the application
(d) If the applicant is a high-ranking senior manager the submission of the employment contract and the receipt from the Department of Inland Revenue is additionally required.
Any other document that might be requested either by the Ministry of Interior, or by the Ministry of Finance.