Developers urge to review the Permanent Residency program

Developers urge to review the Permanent Residency program

Cyprus developers urge the government to make the residency program more attractive.

The Association of Large Investment Projects (ALIP) and the Land and Building Developers Association (LBDA) have sent a letter to the foreign and interior ministers with suggestions to review the existing permanent residency program and to make it more attractive to foreign investors.

Currently, the program grants permanent residency status to foreign nationals with the purchase of real estate property worth at least €300,000 while applicants must have €30,000 in a Cypriot bank.

Developers suggestions are as follows:

- biometric data to be provided at Cyprus embassies in third countries instead of visiting the island;

- the requirement to have money in a Cypriot bank to be abolished, and a spouse’s income to be taken into consideration;

- the investors to be given the opportunity to invest jointly in real estate without the need to be related to each other;

- approved applicants, related to the joint projects, to be allowed to reside and work in Cyprus;

- permanent residency cardholders to be given the right to travel to EU member states and the UK for a few days without the need for a visa.

They also called for Cyprus to expedite procedures for accession to the Schengen area, which would allow successful applicants to travel to countries covered by the agreement.