Cyprus is considering relaxing residency permit requirements for wealthy foreign nationals through a new bill. The proposed changes would allow non-EU nationals to obtain residency permits if they invest €250,000 in real estate and have an annual income of at least €40,000.
Under the bill, a residence permit could be granted to a foreign national who plans to live in Cyprus without working or engaging in business activities. The applicant must have a secured annual income of €40,000, which increases by €10,000 for each additional family member, and must own suitable residential property in Cyprus valued at €250,000.
The proposal is currently being reviewed by the House Internal Affairs Committee.
