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MfD: Czechs may offer golden visas to rich foreigners

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Prague, April 24 (CTK) – The Czech Republic may introduce the chance of granting the long-term residence to the foreigners who will pledge to invest much money and create new jobs here, dubbed the golden visas, daily Mlada fronta Dnes (MfD) writes today.

At present, a foreigner from outside the EU can ask for a long-term residence in the Czech Republic if there is a serious reason such as studies, a Czech partner, research activity or job.

Investments may be added under the amendment to the foreigners’ residence law that was endorsed by the Chamber of Deputies and was sent to the Senate, MfD writes.

The interior and labour and social affairs ministries are writing a decree for it, it adds.

Its draft says that the foreigner in question will have to present a business plan with a contribution to the Czech Republic and then invest 75 million crowns so that it could be considered an important investment.

In addition, the foreigner must create 20 new jobs, MfD writes.

The required sum to be invested may be eventually smaller, it adds.

The stay may be granted for two years, with the option of a extension, MfD writes.

“The government decree is now being discussed in the commissions of the Government Legislative Council and the government has not yet voted about it,” Deputy Interior Minister in Charge of Legislation Petr Mlsna is quoted as saying.

“The proposal was submitted in order to clearly set down the conditions for granting of long-term stay if an important investor wants it,” Mlsna said.

It may not be a one man, who will provide the 75 million crowns, but up to five of them, if they are in a company board, who will be granted the long-term residence.

“The new legislation is to create favourable conditions for foreign businesspeople,” Industry and Trade Ministry spokesman Frantisek Kotrba has told the paper.

The Interior Ministry will be checking the investors in order to prevent organised crime from getting to the Czech Republic, MfD writes.

“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,” Hana Mala, from the Interior Ministry press department, is quoted as saying.

Even if the legislation is passed, the Czech Republic will be still one of the countries in the EU with the strictest residence rules.

In some EU countries such as Malta or Spain, it is sufficient to buy an expensive property to be entitled to the golden visa, MfD writes.

($1 = 25.179 crowns)

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