My answer is, don't do it! The policy clearly states, "In the case where, following a periodic inspection, it has been established that a criterion, term or condition of the program has been breached, the granted naturalization may be revoked."
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How can I sell a Cyprus property used for my citizenship program?
Cyprus’ citizenship-by-investment program requires having a residential property for life. How is this rule enforced? What if I have my Cypriot citizenship and home for a decade, then sell the home? Will my citizenship by revoked?
Answers
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The criteria of the Cyprus Investment Program state that an applicant needs to maintain a residence worth at least 500,000 euros for life. This does not require the same residence to be maintained, i.e., the initial residence may be sold and another of equal or higher value bought to replace it. Not having a residence at all would result in naturalization being revoked as non-compliant to the rules that initially granted it.
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The Cyprus Investment Program (CIP), as of today, requires the investor to have, for life, a residential property worth at least 500,000 euros. In case you want to sell that property, you are required to buy another one which will cover the same criteria. If you sell your property without buying another one, your citizenship can be revoked. As mentioned in the beginning of my answer, this is according to the current legal framework governing the CIP. Changes may apply in the future.
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Under the citizenship-by-investment program, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least 500,000 euros (plus VAT). It is a prerequisite that the applicant retains possession of this permanent residence for life. If you decide to sell your house, kindly note that it must be substituted with an equal or a higher value residential property. Otherwise, your citizenship may be revoked.
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The residential property of a minimum 500,000 euros should not be sold, as this is one of the terms of the scheme. Doing so should lead to revoking your citizenship. As for the rest of your investment(s), they can be sold after the first three years.
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As per the current criteria of the Cyprus Investment Program (CIP), the applicants of the CIP should possess a permanent privately owned residence in the Republic of Cyprus, the purchase price of which must be at least 500,000 euros, plus VAT. This residence should be maintained for as long as the holder wishes to keep Cyprus citizenship, while the rest of the investment can be sold after three years from the date of the Cyprus naturalization. It is noted that in the case where, following a periodic inspection, it has been established that a criterion, term or condition of the CIP has been breached, the granted naturalization may be revoked.
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It is an obligation for the investor to maintain his Cyprus residential property. In case the investor does not maintain it, Cyprus naturalization may be subject to revocation.
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The issue is not whether you can sell since you can surely sell your property. However, the issue arises for you not to have a residence at all. Therefore, in summary, you can sell your property provided that you buy another one which complies with the criterion of possessing a permanent privately owned residence in the Republic of Cyprus, the purchase price of which must be at least 500,000 euros, plus VAT. Should you not hold such a property, upon inspection, it is very likely that your naturalization shall be revoked since it is in breach of the terms.
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