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How can an investor buy two properties to qualify for residency in Cyprus?
Can an investor buy two flats worth 300,000 euros in total -- one in the main applicant's name and the other in the spouse's name, and become eligible for residency in Cyprus?
Answers
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The applicant in order to apply for the residence scheme in Cyprus (fast track) must invest at least 300,000 euros in a house or apartment. The purchase must be made from a land development company and should concern property from the primary market of at least 300,000 euros (plus VAT). For the purposes of this policy, buyers who have purchased properties from the secondary market (resale) and their related sale-purchase documents are deposited to the Land Registry prior to 2013 are also entitled to obtain the immigration permit via this procedure. The applicant could also invest in other forms of real estate such as offices, hotels or a combination thereof (excluding houses and apartments) with a total value of 300,000 euros. These properties can also be purchased from the secondary market (resale). An applicant could also invest in the share capital of a company in Cyprus with the value of 300,000 euros. The company must be based in Cyprus and employ at least five persons. Other option is 300,000 euros investment in shares in Undertakings of Collective Investment in Cyprus (e.g. AIF, AIFLNP, RAIF). Also, the immigration Permit is issued to the applicant. This includes the applicant's dependents who are the spouse and their minor children up to the age of 18 years.
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Yes, the investor can buy two flats for 300,000 euros; one flat has to be in the name of the main applicant and the second flat can be in the spouse's name, provided that the spouse of the investor applies as a "dependent" of the main applicant and investor.
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