Cyprus is considering easing residency permit requirements for wealthy foreign nationals under a proposed bill.
The proposed legislative changes would grant residency permits to third-country nationals who invest €250,000 in housing and have an annual income of €40,000.
According to the bill, a residence permit may be granted to a wealthy third-country national who intends to reside in the Republic without engaging in any employment or other economic activity in the Republic and has at his disposal an insured annual income of €40,000 (increasing by €10,000 for each additional family member) as well as suitable owned accommodation in the Republic for himself and his family members worth €250,000.
The proposal is currently under debate in the House Internal Affairs Committee.
Philenews reports that some stakeholders support lowering the housing investment threshold to €150,000, arguing it would facilitate purchases of existing homes and apartments.
Others counter that a lower threshold could increase housing demand and prices, negatively impacting local buyers.
The regulations aim to attract foreign investment while ensuring the financial stability of those obtaining residency.
The proposal covers various categories, including self-employed, salaried, investor, and self-sufficient foreigners.
© In-Cyprus.com
Golden Passports II ?
This is for residency not citizenship. The two are completely different.