AKEL party submits legislative proposal to regulate golden visa program

The Parliamentary Committee on Internal Affairs has completed its discussion on a legislative proposal introduced by the AKEL party regarding the golden visa program. The proposal was submitted by members of parliament Georgios Loukaides, Aristos Damianou, Marina Nikolaou, and Valentinos Fakontis. The bill aims to mandate that the continuation of the golden visa scheme be contingent upon the government establishing stricter regulations approved by Parliament. The proponents argue that this move would enhance parliamentary oversight and improve transparency. This initiative is reportedly a response to mounting pressure from the European Union, which has criticized the program and, in some instances, called for its complete abolition. Furthermore, the legislators linked the demand for the regulation to the current housing crisis, suggesting that the high volume of applications has contributed to rising real estate and rental prices. The proposal is now headed to the Plenary Session of the House of Representatives for a final decision.