The government said on Monday it is open to the idea of channelling a portion of the proceeds from the citizenship-by-investment scheme to funding a soon-to-be-unveiled affordable housing programme.
Speaking in parliament, Interior Minister Constandinos Petrides said they are considering a proposal put forward by the ruling Disy party, under which part of the revenues from the foreign investment scheme would go toward subsidising rents for vulnerable households.
The proposal envisages increasing the minimum required investment by foreign nationals – €2 million currently – by €50,000.
The extra €50,000 raised per successful application could generate up to €35 million per year, with these funds being used to help people with their rents, without affecting fiscal policy.
Since 2013, a reported 3,300 foreign nationals secured EU passports via Cyprus, earning the country some €4.8bn.
Read more here
