Work permits, the Czech language test, visas, and other legal matters are hot topics on our message boards—especially in the age of Brexit and Trump when a number of Brits and non-EU nationals abroad are pondering their own or a partner’s residency status.
Czech financial portal Euro is now reporting that a recent proposal by the Czech government would make it easier for foreigners to cement their status in the Czech Republic—at a cost.
The new legislation would use Czech citizenship as an incentive to bring wealthy migrants to the country, rewarding investments of at least 50 million CZK, along with the creation of at least 20 local jobs, with the issue or renewal of a permanent residence permit.
According to the Ministry of Industry and Trade, “The proposed regulation will reduce the administrative burden on investors’ entry and stay in the territory by enabling them to gain a long-term stay in the area for up to two years without previous residence.”
In an effort to preempt any abuses of the rules, the proposal implements several safeguards. The total number of managers of any company created by a foreign investor cannot exceed five people.
In addition, as a shareholder or joint owner, an individual must have at least a 30 percent stake in their company.
If the legislation is approved, the Czech Republic is set to follow in the footsteps of Western European countries which have tried to attract wealthy foreigners from non-EU countries with similar policies; Canada and Australia have likewise targeted wealthier immigrants from China.