The Czech Republic is the latest country to consider introducing an investment immigration ‘golden visa’.
The European Union member’s lawmakers have seen the success of other programs and could be about to put their own program into the market.
An amendment to the country’s foreign residence law is currently being considered by the Czech parliament, and an investment string could be added to the legislation.
Proposed Czech Republic Golden Visa: Program Requirements
- Invest 75 million crowns (as a single investment, or as part of a group)
- Have a business plan approved
- Creation of 20 jobs
- Pass a background check
Currently non-EU citizens can get Czech residency for university study, if they have a Czech partner, want to do specific research or have a job offer.
Under a draft decree written by Czech government ministries, the golden visa stream would require investment of 75 million crowns (CAD$4.25 million).
Candidates would have to submit a business plan that would show a benefit to the country and create 20 jobs. In return, a renewable two-year permanent residency permit would be issued.
Policymakers are also said to be considering lower investment threshold options, and allowing several candidates to combine to raise the require amount.
“The new legislation is to create favourable conditions for foreign businesspeople,” Industry and Trade Ministry spokesman Frantisek Kotrba told the Czech press.
It is also reported that stringent security checks will be put in place.
Interior Ministry spokesperson Hana Mala said: “Along with routine affairs, there will be also a check of whether the person in question may pose a danger to the public order, security and health.”
The proposal would put the Czech program among the more expensive options when compared to similar EU countries.
Popular programs in Portugal, Malta and Spain offer residency in return for the purchase of property.
Whether the draw of Czech residency will be enough to lure high-net worth individuals away from those programs remains to be seen.
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