The applicant must invest a total of 2 million euros plus VAT as direct investment in the purchase and development of residential real estate, commercial real estate and development projects, including housing units in the tourism sector or other infrastructure projects. Investments must be on land that can be developed and must be accompanied by a development plan that must be approved by the relevant authorities. Land that does not fall in the specific zones will be excluded from the provisions. This investment option allows the applicant to skip the financial requirement of 500,000 euros plus VAT, thus reducing the overall investment as long as this amount is invested in at least one residential property. However, in the event 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 at least 500,000 euros plus VAT. The investment must be maintained for a minimum period of five years. In case where the property is under construction, at least 5% of the total value of the property must be blocked via a bank guarantee. The relevant amount will only be released to the vendor upon completion of the property. In case that the property is not yet constructed, the certified copy of the contract with the developer is necessary. Furthermore, it has the advantage of planning a building of 2 million euros with one flat of 500,000 euros and various one or two bedroom easily rented flats. In case of an investment of over 2 million euros for an unconstructed plot with a building plan including at least one property that equals or exceeds 500,000 euros, the ministry would accept the application without the extra 500,000-euro requirement. In case that there is a mortgage on the property, a bank waiver letter is needed. In case it is a land plot under development, it must be declared as a constructible land. An evaluation certificate from an independent registered land surveyor may be required by the Ministry of Interior or the Ministry of Finance. Relevant documents include a planning permit and a sale agreement.
