Can a purchase of commercial building like shop or hotel be eligible for the investment criteria? Is purchase of a previously owned property be eligible, or must the investment be a purchase of new property?
The property that you will purchase can be a commercial building and still be eligible for the CIP. However, you will need to have a residential property worth at least 500,000 euros. The property can be either new or resale, there is no restriction on that by the Cyprus government.
You may purchase commercial real estate, provided that its value is 2 million euros and in addition, you must also purchase a dwelling home, the value of which is 500,000 plus VAT. The commercial investment does not need to be new property; it may be a property that was owned previously.
The real estate investment eligible for the Cyprus Investment Program can include a commercial building or hotel or shop of a minimum of 2 million euros. It can be bought from another owner. There is a requirement to buy at least 500,000 euros residence in Cyprus additional to the above which you will need to keep for life.
Direct investments in purchase and development of residential real estate, commercial real estate, development projects including housing units in the tourist sector or other infrastructure projects. Investments must be on land which can be developed and must be accompanied by a development plan which must be approved by the relevant authorities. The investment must be maintained for a minimum period of 5 years.
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