I have a keen interest in affordable housing. I also am interested in relocating to Cyprus, but heard about the affordable housing payment as part of the application. How does that work? Could I skip that requirement by building my own project, which can then be used for my citizenship-by-investment application?
If the affordable project that you will be building is approved by the republic of Cyprus, then you can use that project so the 75,000-euro requirement will be waived. Of course, all the other requirements will need to be met in order to be able to meet the criteria of the Cyprus investment scheme.
To be able to apply, the monetary requirements have to be fully paid before you apply.
You may not bypass the citizenship requirements in any way. You will need to invest 2 million for your investment and 500,000 for your dwelling home unless you are going to purchase real estate.
Following the new scheme, a provision was also made for a mandatory donation of 75,000 to the Research and Innovation Foundation and a second 75,000 contribution to the Cyprus Land Development Corporation to be used for affordable housing. This does not negate the other criteria for personal housing at the same value as before.
The Cyprus investment program specifically lists the requirements that a person needs to fulfill in order to be eligible to apply under the program and enjoy the benefits of it. Any alteration that may be possible will need approval from the relevant department. In order to apply for such approval we will need to have all the details of the project that you intent to make in Cyprus. In principle, preliminary we believe that what you are mentioning is not possible as the program stands as of today.
Definitely you can build your own residential property and upon completion of the requirement of the investment of 2 million euros, together with the remaining terms and conditions to proceed with your Cyprus citizenship application.
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