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Cyprus may lower the monetary threshold for obtaining a permanent residence permit through the purchase of real estate

Cyprus may lower the monetary threshold for obtaining a permanent residence permit through the purchase of real estate

The proposal for a reduction came from the Ministry of Internal Affairs of the country. It is proposed to lower the bar by 50,000 euros.

Thus, the government will try to attract new foreign investors to Cyprus who will be able to guarantee their financial stability while living on the island.

Therefore, the terms of consideration of this proposal may be delayed.

The text of the draft law can be submitted for approval by the entire composition of the parliament before the beginning of the summer parliamentary vacation in the fall or at the beginning of the winter of 2024.

The new bill stipulates that a citizen of a third country must buy real estate worth at least €250,000 + VAT.

The foreigner must also have an annual guaranteed income of €40,000 and €10,000 per year for each family member (husband/wife and minor children or adult university student children).

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