28.04.2024
Cyprus is considering relaxing residency requirements for wealthy foreign nationals under proposed legislation .
The proposed legislative changes would grant residence 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 can be granted to a wealthy third-country citizen who intends to reside in the republic without engaging in any labor or other economic activity in the republic and has at his disposal an insured annual income of 40,000 euros (increased by 10,000 euros for each additional family member), as well as suitable own housing in the Republic for himself and his family members worth 250,000 euros.
The proposal is currently being discussed in the House Home Affairs Committee.
Some stakeholders support lowering the housing investment threshold to €150,000, arguing that this will make it easier to buy existing houses and apartments. Others counter that a lower investment threshold could increase housing demand and prices, negatively impacting local buyers.
The rules aim to attract foreign investment while ensuring the financial stability of those receiving residence permits.
The offer covers various categories of citizens, including the self-employed , employees, investors and wealthy foreigners.
