In Cyprus, there is a proposed bill in the Parliament to grant permanent residence permits to foreign citizens who buy real estate valued at a minimum of 250,000 euros plus VAT, which is a reduction from the current requirement of 300,000 euros. The aim of this bill is to attract more foreign investors to Cyprus, ensuring their financial stability while residing on the island. The draft law is currently being reviewed by the Committee on Internal Affairs and may be presented for approval before the start of the summer parliamentary recess or in the fall or early winter of 2024.
The new requirements outlined in the bill for obtaining a permanent residence permit include purchasing property worth at least 250,000 euros plus VAT, alongside demonstrating an annual guaranteed income of 40,000 euros (reduced from the current 50,000 euros) and an additional 10,000 euros per year for each dependent family member. Some representatives are suggesting further lowering the property ownership threshold to 150,000 euros to facilitate the sale of unsold properties in the market, but this proposal is met with opposition due to concerns about potential impacts on housing demand and prices for local buyers.