For Real Estate Investment
1- Applicants are required to purchase a property worth at least $400,000. This does not have to be a single unit, with the provisions of the regulation, there may be more than one unit.
2- Applicants need to keep the purchased real estate for a minimum of 3 years. This 3 year commitment needs to be registered as an annotation within the Title Deed or/and Notarised Sales Contract.
3- An Official Valuation Survey should be conducted by the official authorities announced by the Banking Supervisory Board. The valuation report must be set at least US$400.00.
4-The purchase price must be paid to the seller by bank transfer and supplemented with a bank receipt. This proves that the operation was performed.
5- The official declared value of the investment must be worth at least 400.000 USD at the time of the Notarised Sales Contract and/or its ownership transfer made at the Land Registry Office.
6- Any such property within this scope must not be registered under any foreign real person’s name, including the applicant’s spouse or children. Real estate that has been transferred by the applicant’s spouse or kids after 12.01.2017 aren’t within the scope of the regulation.
7- If the applicant has purchased housing using a mortgage loan, the value of the mortgage will be deducted from the value indicated in the Official Valuation Survey.
8- Application will be sent to the Ministry of Internal Affairs, General Directorate of Population and Citizenship Affairs, Directorate of Foreigners Department, through the Ministry of Environment and Urbanisation, Land Registry Office.