Latest / IMI Podcasts / Cyprus Proposes €250,000 Residency Program for Financially Independent People
Transcript
- 0:00SPEAKER_00: This episode first appeared as an article titled Cyprus Proposes 250,000 Euro Residency Program for Financially Independent People, and authored by Charles Sava on IMIDAily.com.
- 0:11SPEAKER_00: Subscribe to the newsletter and become an IMI pro to get exclusive access to our data center, private briefings, the citizenship catalog, as well as your very own professional profile in IMI and many more pro members-only tools and resources.
- 0:27SPEAKER_00: The Cypriot government has rolled out a new legislative proposal targeting foreign nationals seeking to obtain a Cypriot residency permit.
- 0:34SPEAKER_00: Parliament is reviewing the aliens and immigration regulations of 2022, aiming to introduce an alternative immigration route for individuals from third-party countries.
- 0:44SPEAKER_00: This initiative focuses on those who can financially support themselves without working locally in Cyprus.
- 0:51SPEAKER_00: The latest amendment, under scrutiny by the Parliamentary Home Affairs Committee, outlines that foreign nationals from outside the EU, who have an income of at least 40,000 euros and are ready to invest a minimum of€250,000 in residential property, might qualify for an immigration permit.
- 1:06SPEAKER_00: This permit would enable them and their families to live in Cyprus, providing a direct path to Cypriot permanent residency.
- 1:14SPEAKER_00: Moreover, because of the financial requirements, those who qualify for this new investment-based residency would also, by extension, qualify for Cyprus's new fast track to naturalization, which may result in citizenship following as little as 3.5 years of residency on the island.
- 1:30SPEAKER_00: The criteria are straightforward.
- 1:32SPEAKER_00: Under the proposed legislation, applicants must have a confirmed income of€40,000 annually, with an additional 10,000 euros required for each family member, and must invest in private housing valued at at least€250,000.
- 1:47SPEAKER_00: Such housing, whether a house or an apartment, should fulfill the applicants and their families' living requirements.
- 1:53SPEAKER_00: Discussion within the Home Affairs Committee has raised issues regarding the required property's investment threshold.
- 2:00SPEAKER_00: Some members suggest lowering the minimum investment from€250,000 to 150,000 euros, making the program more accessible and allowing for a broader range of property choices, including new and existing homes.
- 2:13SPEAKER_00: However, this suggestion faces resistance, as critics argue it might inflate property demand and prices, making it tougher for locals to buy homes.
- 2:22SPEAKER_00: This is similar to what we saw transpire in Portugal in recent years.
- 2:25SPEAKER_00: On the other hand, Cyprus already has a residence by property investment scheme, the minimum investment of which is€300,000 and which has not, as far as has been reported, led to a local housing crisis.
- 2:39SPEAKER_00: Another question about the minimum threshold is how the proposed new program would differ from or compete with the existing€300,000 golden visa, which does not have a minimum income requirement.
- 2:51SPEAKER_00: The regulations stress that potential immigrants must prove their financial solidity, ensuring they will not depend financially on state support.
- 2:58SPEAKER_00: The ongoing debates may significantly affect Cyprus's real estate market and broader economic landscape, ultimately influencing its appeal as a destination for foreign investment and residency.
- 3:11SPEAKER_00: Thanks for joining us today on IMI Podcasts.
- 3:14SPEAKER_00: Subscribe for free to the IMI daily newsletter for breaking news and updates from the investment migration industry.
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